UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): December 27, 2006
NORTHWAY
FINANCIAL, INC.
(Exact
name of registrant as specified in its charter)
____________________
|
New
Hampshire
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000-23129
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04-3368579
|
|
(State
or other jurisdiction of
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Commission
file number
|
(I.R.S.
Employer
|
|
incorporation
or organization)
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Identification
No.)
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9
Main
Street
Berlin,
New Hampshire 03570
(Address
of principal executive offices) (Zip code)
Registrant’s
telephone number, including area code: (603)752-1171
No
Change
(Former
name or former address, if changed since last report)
____________________
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)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
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Section
5:
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Corporate
Governance
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Item
5.02 (b):
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Departure
of Named Executive Officers and Principal
Officers
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The
employment of Robert F. Howe, Senior Vice President of Northway Bank (“Bank”), a
named executive officer, will terminate, effective December 29, 2006 as an
employee of the Bank and Northway Financial, Inc. His departure results from
the
relocation and downsizing of the Bank’s consumer lending function. See Item 8.01
of this Report concerning expenses associated with his departure and the
downsizing of the Bank’s consumer loan function.
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Section
8:
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Other
Events
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Item
8.01:
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Other
Events
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In
addition to the downsizing and relocation of the Bank’s consumer lending
function referred to in 5.02 (b) above, the Bank also downsized its retail
administration function. These initiatives resulted in fourth quarter 2006
separation payments and related expenses totaling approximately $235,000 pretax.
These payments and expenses are owed with respect to Mr. Howe and four other
employees of the Bank.
Also,
in
light of current interest rate levels, on December 27, 2006 the Bank
restructured a $14,000,000 segment of its long-term funding which resulted
in a
pretax prepayment penalty charge of $357,000. This restructure is expected
to reduce future funding costs associated with this segment of the Bank’s
long-term Federal Home Loan Bank advances.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be filed on its behalf by the
undersigned hereunto duly authorized.
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NORTHWAY
FINANCIAL, INC.
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|
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Dated:
December 29, 2006
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By:
\s\Richard
P. Orsillo
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Richard
P. Orsillo
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|
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Senior
Vice President and Chief Financial
Officer
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