Bay National 8K
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): July
19, 2006
Bay
National Corporation
(Exact
Name of Registrant as Specified in its Charter)
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Maryland
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000-51765
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52-2176710
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(State
of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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2328
West Joppa Road
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Lutherville,
Maryland
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21093
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, Including Area Code: 410-494-2580
N/A
(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 (see General Instruction A.2. below):
[
]
Written communication 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))
Section
1 - Registrant’s Business and Operations
Item
1.01. Entry
into a Material Definitive Agreement.
On
July
19, 2006, pursuant to a lease agreement with its landlord, Riderwood Associates
Limited Partnership (the “Landlord”), Bay National Bank (a wholly owned
subsidiary of Bay National Corporation) (the “Bank”) agreed, beginning October
1, 2006, to lease 4,317 square feet of space on the first floor of a building
(the “Building”) located at 1122 Kenilworth Drive, Towson, Maryland. The Bank
intends to use this space for its Baltimore residential mortgage operation.
Pursuant
to the lease agreement, the Bank agreed to an initial lease term of five years
and two months, terminating on November 30, 2011. The Bank was also provided
the
right to renew
the
lease for one additional five-year term. As part of this agreement, the
aggregate rent due under the lease is $8,454.13 monthly from December 2006
through November 2007. For each lease year thereafter, including any lease
years
during any renewal term, the yearly base rent will increase by three
percent.
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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BAY
NATIONAL CORPORATION
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Date:
July 19, 2006
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By:/s/
Hugh W. Mohler
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Hugh
W. Mohler, President
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