form8-k.htm
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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported): June 3, 2010
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WEST BANCORPORATION, INC.
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(Exact name of registrant as specified in its charter)
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Iowa
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0-49677
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42-1230603
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1601 22nd Street, West Des Moines, Iowa 50266
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(Address of principal executive offices) (Zip Code)
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Registrant’s telephone number, including area code: 515-222-2300
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Not Applicable
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(Former name or former address, if changed since last report)
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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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On June 3, 2010, West Bank, the wholly-owned subsidiary of West Bancorporation, Inc. (the “Company”), entered into a U.S. Bank Services Transition Agreement with SmartyPig, L.L.C. (“SmartyPig”), Compass Bank, an Alabama banking corporation, WB Funding Corporation, and Macks, Inc. The agreement is dated and effective June 2, 2010. The Company has previously disclosed that West Bank has requested that SmartyPig acquire depository services from a larger bank due to the growth of the online savings program. The June 2 transition agreement is the culmination of the combined efforts of West Bank and SmartyPig.
The agreement defines the process for transferring the SmartyPig related savings accounts from West Bank to Compass Bank by July 31, 2010. As of today, the dollar amount of those deposits is approximately $156 million. West Bank has sufficient liquidity to accomplish transition of the accounts. The agreement also provides that West Bank will relinquish its right to appoint one member to the SmartyPig Board of Managers after the transition is complete. WB Funding Corporation, a subsidiary of West Bank, will continue to own approximately eleven percent of SmartyPig after the accounts transition. A copy of the agreement is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. |
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Description |
| 99.1 |
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U. S. Bank Services Transition Agreement dated June 2, 2010 |
The information contained in this report may contain forward-looking statements about the Company’s growth and acquisition strategies, new products and services, and future financial performance, including earnings and dividends per share, return on average assets, return on average equity, efficiency ratio, and capital ratios. Certain statements in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements preceded by, followed by or that include the words “believes,” “expects,” “intends,” “should,” or “anticipates,” or similar references or references to estimates or predictions. Such forward-looking statements are based upon certain underlying assumptions, risks, and uncertainties. Because of the possibility of change in the underlying assumptions, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk; competitive pressures; pricing pressures on loans and deposits; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions or regulatory requirements; actions of bank and non-bank competitors; changes in local and national economic conditions; changes in regulatory requirements and costs, including but not limited to, actions of the Securities and Exchange Commission, the United States Department of the Treasury, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Iowa Division of Banking; changes in the Treasury’s Capital Purchase Program; and customers’ acceptance of the Company’s products and services. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SIGNATURES
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.
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West Bancorporation, Inc.
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June 9, 2010
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By:
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/s/ Douglas R. Gulling
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Name: Douglas R. Gulling
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Title: Executive Vice President and Chief Financial Officer
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Exhibit Index
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Exhibit No.
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Description
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99.1
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U. S. Bank Services Transition Agreement dated June 2, 2010
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