The Bank Holdings 8-K 2006
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
The Bank Holdings
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 1.01 Entry into a Material Definitive Agreement.
On September 15, 2005 the Board of Directors of Nevada Security Bank approved the provision of supplementary retirement and life insurance benefit plans for certain executives. This supplementary retirement benefit plan with an endorsement split dollar life insurance plan was provided to reward, motivate, and retain the most qualified people available and to provide those individuals with a complete and reasonable compensation plan. However, when the split dollar plan documents were finalized, they did not reflect each individual insurance policy name and number in the title of the document, and hence did not accurately reflect the correct amount of the Net-at-Risk portion of the proceeds from the policies. This First Amended and Restated Nevada Security Bank Split Dollar Agreement has been prepared for each of the seven individauls enrolled in the plan, each with the corrected Net-At-Risk amount, with no other or individual modifications.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.