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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">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; layout-grid-mode: line; text-indent: 0">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; padding: 0; font-size: 10pt; font-weight: bold; text-align: center">August 2, 2012</TD>
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
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<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">
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding: 0; font-size: 10pt; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">Warwick Valley Telephone Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; layout-grid-mode: line; text-align: center; text-indent: 0">(Exact name of registrant as specified in its charter)</TD></TR>
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    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center">New York</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding: 0; text-align: center; font-weight: bold">0-11174</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding: 0; text-align: center; font-weight: bold; text-indent: 0">14-1160510</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0">(State or other jurisdiction</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: center">(Commission</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: center; text-indent: 0">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: normal; text-align: center">of incorporation)</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: normal; text-align: center">File Number)</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: normal; text-align: center; text-indent: 0">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; layout-grid-mode: line; text-align: center; text-indent: 0"><B>47
    Main Street, Warwick, New York</B></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">10990</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-align: center; text-indent: 0">(Address of principal executive offices)</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: center; text-indent: 0">(Zip Code)</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">
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    <TD STYLE="width: 50%; padding: 0; layout-grid-mode: line; text-indent: 0">Registrant's telephone number, including area code</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center">845-986-8080</TD>
    <TD STYLE="width: 30%; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding: 0; layout-grid-mode: line; font-weight: bold; text-align: center; text-indent: 0">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: center; text-indent: 0">(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; text-indent: 0in">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>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 4%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; padding: 0; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Item 1.01</TD><TD STYLE="text-align: justify">Entry into a Material Definitive Agreement.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 2, 2012, Warwick Valley Telephone
Company (the &ldquo;Company&rdquo;) entered into a supplement to its February 18, 2003 master loan agreement (the &ldquo;Master
Loan Agreement&rdquo;) with CoBank, ACB (&ldquo;CoBank&rdquo;). The supplement increased the Company&rsquo;s unsecured revolving
loan facility to $10,000,000. The information regarding this revolving loan facility in Item 2.03 is incorporated herein by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B>Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></TD>
</TR></TABLE>

<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: 0pt 0; text-align: justify">On August 2, 2012, the Company and CoBank
entered into a third supplement to the Master Loan Agreement (the &ldquo;Third Supplement&rdquo;) to establish a $10,000,000 revolving
loan facility (the &ldquo;CoBank Revolving Loan&rdquo;), which may be used by the Company for working capital, capital expenditures
and general corporate expenditures. Also on August 2, 2012, the Company drew down $6,095,000 under the CoBank Revolving Loan to
(a) payoff of $5,016,000 for the second supplement to the Master Loan Agreement, (b) pay amounts due to Alteva, LLC (now Avetla,
LLC) and (c) related closing costs associated with the CoBank Revolving Loan. The CoBank Revolving Loan matures on August 2, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the CoBank Revolving Loan, interest
accrues on outstanding indebtedness at an interest rate selected by the Company. The Company may select a variable rate option
or a LIBOR plus 4.50% option. The Company is required to also pay an unused line fee of 0.50% per annum. Interest is payable in
arrears on a quarterly basis. The Company may prepay the Third Supplement at any time, subject to certain notice requirements and
the payment of a LIBOR breakage fee, if applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the CoBank Revolving
Loan, the Company and CoBank also amended the Master Loan Agreement pursuant to an amendment letter (the &ldquo;MLA Amendment&rdquo;)
as follows: (a) the maximum Total Leverage Ratio (as such term is defined in the MLA Amendment) was changed to 2.50x, (b) the minimum
Debt Service Coverage Ratio (as such term is defined in the MLA Amendment) was changed to 2.50x and (c) a minimum Fixed Charge
Coverage Ratio (as such term is defined in the MLA Amendment) of 1.00x was added to the Master Loan Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the MLA Amendment, if the Company
exercises its put right to require one of the other limited partners of the Orange County-Poughkeepsie Limited Partnership (the
&ldquo;O-P&rdquo;) to purchase the Company&rsquo;s limited partnership interest in the O-P, then the Company must prepay any amounts
outstanding under the CoBank Revolving Loan and the CoBank Revolving Loan may terminate. The Master Loan Agreement also requires
the Company to comply with certain customary affirmative and negative loan covenants (including the financial ratios described
above and customary restrictions on dividends) and representations and warranties. The Master Loan Agreement also contains customary
events of default, including among others, certain events of insolvency or bankruptcy, nonpayment of principal or interest, material
inaccuracy of representations and failure to comply with covenants. If an event of default occurs and is continuing under the Master
Loan Agreement, the entire outstanding balance may become immediately due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full text of the Third Supplement (and
the promissory note issued by the Company in connection therewith) and MLA Amendment will be filed as exhibits to the Company&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">SIGNATURES</FONT></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; text-align: justify; text-indent: 0.4in">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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; font-weight: bold; text-indent: 0">Warwick Valley Telephone Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; layout-grid-mode: line; text-indent: 0">Dated:&nbsp; August 8, 2012</TD>
    <TD STYLE="width: 5%; padding: 0; layout-grid-mode: line; text-indent: 0">By:</TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid; padding: 0; layout-grid-mode: line; text-indent: 0">/s/ Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
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{"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": "000-11174", "film-number": "121017153"}, "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)
August 2, 2012
Warwick Valley Telephone Company
(Exact name of registrant as specified in its charter)
New York
0-11174
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 August 2, 2012, Warwick Valley Telephone
Company (the "Company") entered into a supplement to its February 18, 2003 master loan agreement (the "Master
Loan Agreement") with CoBank, ACB ("CoBank"). The supplement increased the Company's unsecured revolving
loan facility to $10,000,000. The information regarding this revolving loan facility in Item 2.03 is incorporated herein by reference.
Item 2.03
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On August 2, 2012, the Company and CoBank
entered into a third supplement to the Master Loan Agreement (the "Third Supplement") to establish a $10,000,000 revolving
loan facility (the "CoBank Revolving Loan"), which may be used by the Company for working capital, capital expenditures
and general corporate expenditures. Also on August 2, 2012, the Company drew down $6,095,000 under the CoBank Revolving Loan to
(a) payoff of $5,016,000 for the second supplement to the Master Loan Agreement, (b) pay amounts due to Alteva, LLC (now Avetla,
LLC) and (c) related closing costs associated with the CoBank Revolving Loan. The CoBank Revolving Loan matures on August 2, 2013.
Under the CoBank Revolving Loan, interest
accrues on outstanding indebtedness at an interest rate selected by the Company. The Company may select a variable rate option
or a LIBOR plus 4.50% option. The Company is required to also pay an unused line fee of 0.50% per annum. Interest is payable in
arrears on a quarterly basis. The Company may prepay the Third Supplement at any time, subject to certain notice requirements and
the payment of a LIBOR breakage fee, if applicable.
In connection with the CoBank Revolving
Loan, the Company and CoBank also amended the Master Loan Agreement pursuant to an amendment letter (the "MLA Amendment")
as follows: (a) the maximum Total Leverage Ratio (as such term is defined in the MLA Amendment) was changed to 2.50x, (b) the minimum
Debt Service Coverage Ratio (as such term is defined in the MLA Amendment) was changed to 2.50x and (c) a minimum Fixed Charge
Coverage Ratio (as such term is defined in the MLA Amendment) of 1.00x was added to the Master Loan Agreement.
Under the MLA Amendment, if the Company
exercises its put right to require one of the other limited partners of the Orange County-Poughkeepsie Limited Partnership (the
"O-P") to purchase the Company's limited partnership interest in the O-P, then the Company must prepay any amounts
outstanding under the CoBank Revolving Loan and the CoBank Revolving Loan may terminate. The Master Loan Agreement also requires
the Company to comply with certain customary affirmative and negative loan covenants (including the financial ratios described
above and customary restrictions on dividends) and representations and warranties. The Master Loan Agreement also contains customary
events of default, including among others, certain events of insolvency or bankruptcy, nonpayment of principal or interest, material
inaccuracy of representations and failure to comply with covenants. If an event of default occurs and is continuing under the Master
Loan Agreement, the entire outstanding balance may become immediately due and payable.
The full text of the Third Supplement (and
the promissory note issued by the Company in connection therewith) and MLA Amendment will be filed as exhibits to the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.
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:  August 8, 2012
By:
/s/ Duane W. Albro
Duane W. Albro
Chief Executive Officer