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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold">October 31, 2012</TD>
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Warwick Valley Telephone Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">New York</TD>
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">1-35724</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">14-1160510</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">47 Main Street, Warwick, New York</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">10990</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Registrant's telephone number, including area code</TD>
    <TD STYLE="width: 19%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">845-986-8080</TD>
    <TD STYLE="width: 31%; font-weight: bold">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Former name or former address, if changed since last report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD NOWRAP STYLE="width: 10%; text-align: left"><B>Item 1.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="text-align: justify; width: 90%"><B>Entry into a Material Definitive Agreement.</B></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On October 31, 2012, Warwick Valley
Telephone Company (the &ldquo;Company&rdquo;) entered into an Amended and Restated Master Loan Agreement (the &ldquo;Restated
MLA&rdquo;) and an Amended and Restated Third Supplement to the Restated MLA (&ldquo;Restated Third Supplement&rdquo;) with CoBank,
ACB (&ldquo;CoBank&rdquo;). The Company&rsquo;s obligations under the Restated MLA and the Restated Third Supplement are now secured
by a pledge of all of the equity of the Company&rsquo;s wholly-owned subsidiaries and guaranteed by all of the Company&rsquo;s
wholly-owned subsidiaries except for Warwick Valley Telephone Restructuring Company LLC (&ldquo;New Telco&rdquo;). New Telco entered
into a negative pledge agreement with CoBank whereby New Telco agreed not to pledge any of its assets as collateral or permit
a lien to be placed on any of its assets. In connection with the Restated MLA, CoBank consented to the Company&rsquo;s restructuring
as previously disclosed on Form 8-Ks filed with the Securities and Exchange Commission on November 1, 2012 and July 13, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A copy of the
Restated MLA and Restated Third Supplement are attached hereto as Exhibits 10.1 and 10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 10%; text-align: left"><B>Item 9.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="text-align: justify; width: 90%"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) <I>Exhibits</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid">Exhibit No.</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: windowtext 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amended and Restated Master Loan Agreement, dated as of October
        31, 2012, by and between CoBank, ACB and Warwick Valley Telephone Company.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Third Supplement to the Amended and Restated Master Loan Agreement, dated as of October 31, 2012, by and between CoBank, ACB and Warwick Valley Telephone Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 60%; font-weight: bold">Warwick Valley Telephone Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp; November 6, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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[{"type": "8-K", "sequence": "1", "filename": "v327621_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 14467}]
{"company-data": {"conformed-name": "WARWICK VALLEY TELEPHONE CO", "cik": "0000104777", "assigned-sic": "4813", "irs-number": "141160510", "state-of-incorporation": "NY", "fiscal-year-end": "1220"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35724", "film-number": "121184484"}, "business-address": {"street1": "47 49 MAIN ST", "city": "WARWICK", "state": "NY", "zip": "10990", "phone": "9149861101"}, "mail-address": {"street1": "47 49 MAIN ST", "street2": "PO BOX 592", "city": "WARWICK", "state": "NY", "zip": "10990"}}
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, 2012
Warwick Valley Telephone Company
(Exact name of registrant as specified in its charter)
New York
1-35724
14-1160510
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
47 Main Street, Warwick, New York
10990
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
845-986-8080
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))
Item 1.01
Entry into a Material Definitive Agreement.
On October 31, 2012, Warwick Valley
Telephone Company (the "Company") entered into an Amended and Restated Master Loan Agreement (the "Restated
MLA") and an Amended and Restated Third Supplement to the Restated MLA ("Restated Third Supplement") with CoBank,
ACB ("CoBank"). The Company's obligations under the Restated MLA and the Restated Third Supplement are now secured
by a pledge of all of the equity of the Company's wholly-owned subsidiaries and guaranteed by all of the Company's
wholly-owned subsidiaries except for Warwick Valley Telephone Restructuring Company LLC ("New Telco"). New Telco entered
into a negative pledge agreement with CoBank whereby New Telco agreed not to pledge any of its assets as collateral or permit
a lien to be placed on any of its assets. In connection with the Restated MLA, CoBank consented to the Company's restructuring
as previously disclosed on Form 8-Ks filed with the Securities and Exchange Commission on November 1, 2012 and July 13, 2012.
A copy of the
Restated MLA and Restated Third Supplement are attached hereto as Exhibits 10.1 and 10.2.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
.
Exhibit No.
Description
10.1
Amended and Restated Master Loan Agreement, dated as of October
        31, 2012, by and between CoBank, ACB and Warwick Valley Telephone Company.
10.2
Amended and Restated Third Supplement to the Amended and Restated Master Loan Agreement, dated as of October 31, 2012, by and between CoBank, ACB and Warwick Valley Telephone Company.
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.
Warwick Valley Telephone Company
Dated:  November 6, 2012
By:
/s/ Duane W. Albro
Duane W. Albro
Chief Executive Officer