baynational8k.htm
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): October 31,
2008
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
2 – Financial Information
Item 2.02 Results of Operations and
Financial Condition.
On
October 31, 2008, Bay National Corporation issued a press release announcing its
earnings for the quarter ended September 30, 2008.
Among
other figures, the press release reports that core deposits totaled $170.0
million at September 30, 2008. Management categorizes core deposits
as commercial sweep balances and all deposits other than national market
certificates of deposit, deposits purchased through the certificate of deposit
account registry service (CDARS) program and all but $3.0 million in deposits
from one account with highly variable balances. Although commercial
paper sweep balances are reflected as short-term borrowings on the Balance
Sheet, management considers them to be core deposits as they represent customer
relationships with commercial enterprises. Core deposits are closely
monitored by management because they consider them not only a relatively stable
source of funding but also reflective of the growth of commercial and consumer
depository relationships.
The press release is furnished as
Exhibit 99.1 hereto.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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:
November 3, 2008
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By:
/s/ Hugh W.
Mohler
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Hugh
W. Mohler, President
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