# EDGAR Filing Document

**Accession Number:** 0001290476
**File Stem:** 0001558370-23-002406
**Filing Date:** 2023-2
**Character Count:** 11405
**Document Hash:** 79acdaed39b8932ed635423af59d5878
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-002406.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001558370-23-002406

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Village Bank & Trust Financial Corp.
- **CENTRAL INDEX KEY:** 0001290476
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 161694602
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50765
- **FILM NUMBER:** 23686437

**BUSINESS ADDRESS:**
- **STREET 1:** 13319 MIDLOTHIAN TURNPIKE
- **CITY:** MIDLOTHIAN
- **STATE:** VA
- **ZIP:** 23113
- **BUSINESS PHONE:** 804-897-3900

**MAIL ADDRESS:**
- **STREET 1:** 13319 MIDLOTHIAN TURNPIKE
- **CITY:** MIDLOTHIAN
- **STATE:** VA
- **ZIP:** 23113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Southern Community Financial Corp.
- **DATE OF NAME CHANGE:** 20040514

?xml version='1.0' encoding='UTF-8'?

**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): **February 28, 2023**

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**VILLAGE BANK AND TRUST FINANCIAL CORP.**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| <br>of Incorporation)<br>|  |  |
| **Virginia**<br>(State or Other Jurisdiction<br>of Incorporation) | **0-50765**(Commission File Number) | **16-1694602**<br>(IRS Employer<br>Identification No.) |

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| | |
|:---|:---|
| **13319 Midlothian TurnpikeMidlothian, Virginia**(Address of Principal Executive Offices) | **23113**(Zip Code) |

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Registrant's Telephone Number, Including Area Code: **(804) 897-3900**

**Not Applicable**

(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))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $4.00 per share | VBFC | Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01 Other Events.**

On February 28, 2023, Village Bank and Trust Financial Corp. issued a press release announcing that its board of directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be payable on March 17, 2023, to shareholders of record as of March 10, 2023.

A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 | [Press release dated February 28, 2023](vbfc-20230228xex99d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **VILLAGE BANK AND TRUST FINANCIAL CORP.** | **VILLAGE BANK AND TRUST FINANCIAL CORP.** |
|  | (Registrant) | (Registrant) |
| Date: February 28, 2023 | By:  | /s/ Donald M. Kaloski, Jr. |
|  | Donald M. Kaloski, Jr.  | Donald M. Kaloski, Jr.  |
|  | Executive Vice President and CFO/CRO | Executive Vice President and CFO/CRO |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](vbfc-20230228xex99d1001.jpg)

**News Release**

**For Immediate Release**

**VILLAGE BANK AND TRUST FINANCIAL CORP.**

**ANNOUNCES QUARTERLY CASH DIVIDEND**

**Midlothian, Virginia, February 28, 2023.** Village Bank and Trust Financial Corp. (the "Company") (Nasdaq symbol: VBFC), the parent company of Village Bank, announced today that its Board of Directors has declared a cash dividend of $0.16 per share with respect to the Company's outstanding common stock. The dividend will be payable on March 17, 2023, to shareholders of record at the close of business on March 10, 2023.

The amount and declaration of future cash dividends are subject to the Board of Directors' approval. In making its decision on the payment of dividends, the Board of Directors considers operating results, financial condition, capital adequacy, regulatory requirements, shareholder returns, market conditions and other factors.

**About Village Bank and Trust Financial Corp.**

Village Bank and Trust Financial Corp. was organized under the laws of the Commonwealth of Virginia as a bank holding company whose activities consist of investment in its wholly-owned subsidiary, Village Bank. Village Bank is a full-service Virginia-chartered community bank headquartered in Midlothian, Virginia with deposits insured by the Federal Deposit Insurance Corporation ("FDIC"). The Bank has nine branch offices. Village Bank and its wholly-owned subsidiary, Village Bank Mortgage Corporation, offer a complete range of financial products and services, including commercial loans, consumer credit, mortgage lending, checking and savings accounts, certificates of deposit, and 24-hour banking.

**Forward-Looking Statements**

In addition to historical information, this press release may contain forward-looking statements. For this purpose, any statement, that is not a statement of historical fact may be deemed to be a forward-looking statement. These forward-looking statements may include statements regarding profitability, liquidity, allowance for loan losses, interest rate sensitivity, market risk, growth strategy and financial and other goals. Forward-looking statements often use words such as "believes," "expects," "plans," "may," "will," "should," "projects," "contemplates,"

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"anticipates," "forecasts," "intends" or other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements.

There are many factors that could have a material adverse effect on the operations and future prospects of the Company including, but not limited to:

● the impacts of the ongoing COVID-19 pandemic;

● changes in assumptions underlying the establishment of allowances for loan losses, and other estimates;

● the risks of changes in interest rates on levels, composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities, and interest sensitive assets and liabilities;

● the effects of future economic, business and market conditions;

● our inability to maintain our regulatory capital position;

● the Company's computer systems and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance, or other disruptions despite security measures implemented by the Company;

● changes in market conditions, specifically declines in the residential and commercial real estate market, volatility and disruption of the capital and credit markets, soundness of other financial institutions we do business with;

● risks inherent in making loans such as repayment risks and fluctuating collateral values;

● changes in operations of Village Bank Mortgage Corporation as a result of the activity in the residential real estate market;

● legislative and regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other changes in banking, securities, and tax laws and regulations and their application by our regulators, and changes in scope and cost of FDIC insurance and other coverages;

● exposure to repurchase loans sold to investors for which borrowers failed to provide full and accurate information on or related to their loan application or for which appraisals have not been acceptable or when the loan was not underwritten in accordance with the loan program specified by the loan investor;

● governmental monetary and fiscal policies;

● geopolitical conditions, including acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, negatively impacting business and economic conditions in the U.S. and abroad;

● changes in accounting policies, rules and practices;

● reliance on our management team, including our ability to attract and retain key personnel;

● competition with other banks and financial institutions, and companies outside of the banking industry, including those companies that have substantially greater access to capital and other resources;

● demand, development and acceptance of new products and services;

● problems with technology utilized by us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● changing trends in customer profiles and behavior; and

● other factors described from time to time in our reports filed with the Securities and Exchange Commission ("SEC").

Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC's Web site at www.sec.gov.

For further information contact Donald M. Kaloski, Jr., Executive Vice President and CFO at 804-897-3900 or dkaloski@villagebank.com.

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