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<P STYLE="font: bold 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"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</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: center">Date of Report (Date of earliest event reported)
April 25, 2012</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NAUGATUCK VALLEY FINANCIAL CORPORATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; layout-grid-mode: line; text-align: center"><U>Maryland</U></TD>
    <TD STYLE="width: 34%; layout-grid-mode: line; text-align: center"><U>0-54447</U></TD>
    <TD STYLE="width: 33%; layout-grid-mode: line; text-align: center"><U>01-0969655</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">(Commission</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: center">incorporation)</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">File Number)</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 STYLE="width: 67%; layout-grid-mode: line; text-align: center"><U>333 Church Street, Naugatuck, Connecticut</U></TD>
    <TD STYLE="width: 33%; layout-grid-mode: line; text-align: center"><U>06770</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">(Zip Code)</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-align: center"><U>(203) 720-5000</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</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: center"><U>Not Applicable</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</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">&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>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.02</B></TD><TD><B><U>Results of Operations and Financial Condition</U>.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The information required by this Item is contained in Item 4.02
of this Current Report and is incorporated herein by reference.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.02</B></TD><TD><B><U>Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 25, 2012, the Board of Directors of Naugatuck Valley
Financial Corporation (the &ldquo;Company&rdquo;) concluded that the Company&rsquo;s previously issued consolidated financial statements
for the fiscal year ended December 31, 2011, as contained in the Company&rsquo;s Form 10-K for the year ended December 31, 2011,
should no longer be relied upon. The Board of Directors arrived at this conclusion based on the recommendation of the Audit Committee
of the Board of Directors and management in connection with the exit interview conducted by the Office of the Comptroller of the
Currency (the &ldquo;OCC&rdquo;) following its recently completed, regularly scheduled examination of Naugatuck Valley Savings
and Loan (the &ldquo;Bank&rdquo;), the Company&rsquo;s wholly-owned subsidiary.</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-indent: 0.5in">During the OCC&rsquo;s exit interview with
the Bank on April 18, 2012, the OCC advised the Bank&rsquo;s management that it had determined that certain classified loans previously
identified by the Bank were required to be downgraded and three previously unclassified commercial loans were required to be categorized
as classified loans, requiring an increase to the allowance for loan losses at December 31, 2011. Following its review and analysis
of the OCC&rsquo;s findings in consultation with the Company&rsquo;s independent registered public accountants, the Bank&rsquo;s
management and the independent registered public accountants met with the Audit Committee and the Board of Directors on April 23,
2012. At that meeting, management reported on its analysis, in consultation with the independent registered public accountants,
of the OCC&rsquo;s findings and the Audit Committee and the Board of Directors directed management to follow-up with the OCC to
discuss the analysis. On April 25, 2012, the Bank&rsquo;s management and the independent registered public accountants met with
the Audit Committee and the Board of Directors to report on the follow-up discussions with the OCC and discuss the proposed recordation
of an additional provision for loan losses of $709,000 (before tax) during the quarter ended December 31, 2011 in order to increase
the allowance for loan losses to the level the OCC deemed sufficient at December 31, 2011, and the proposed establishment of a
$143,000 contingency reserve for possible losses on unfunded commitments and contingencies, after which the Bank&rsquo;s management,
the Audit Committee and the Board of Directors determined to record the additional provision for loan losses and establish the
contingency reserve.</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-indent: 0.5in">As of the filing date of this Current Report,
the Company anticipates the following estimated revisions to its previously reported consolidated financial results at and for
the year ended December 31, 2011:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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<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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Decrease in net income for the year ended December 31, 2011 from $2.2 million ($0.33 basic and diluted per common share) to
$1.6 million ($0.24 basic and diluted per common share).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Increase in the provision for loan losses for the year ended December 31, 2011 from $3.6 million to $4.3 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Decrease in the allowance for loan losses at December 31, 2011 from $8.3 million to $8.1 million.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Establishment, as a liability at December 31, 2011, of a $143,000 contingency reserve for possible losses on unfunded commitments
and contingencies.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Decrease in total stockholders&rsquo; equity at December 31, 2011 from $82.9 million to $82.3 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Increase in total classified assets at December 31, 2011 from $55.7 million to $62.3 million, with special mention assets increasing
from $24.1 million to $24.8 million, substandard assets increasing from $31.5 million to $36.1 million, doubtful assets increasing
from $66,000 to $1.4 million, and with no change in the balance of loss assets.</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: 0.5in">Following these revisions, the Bank will
remain &ldquo;well-capitalized&rdquo; under applicable regulatory capital standards at December 31, 2011.</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-indent: 0.5in">The Company expects to file with the SEC
an amended Form 10-K for the fiscal year ended December 31, 2011 on or about May 15, 2012. The Bank expects to file with the OCC
an amended TFR for the quarter ended December 31, 2011 on or about the same date.</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-indent: 0.5in">The Company&rsquo;s Board of Directors has
consulted and discussed with Whittlesey &amp; Hadley, P.C., the Company&rsquo;s independent registered public accountants, the
matters disclosed in this Item 4.02.</P>



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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01</B></TD><TD><B><U>Other Events.</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In light of the requirement to file a Form 10-K/A for the year ended December 31, 2011 as disclosed in
Item 4.02 of this Current Report, on April 25, 2012, the Company&rsquo;s Board of Directors determined to change the date of the
Company&rsquo;s 2012 Annual Meeting of Shareholders from the previously reported June 8, 2012 to June 29, 2012.</P>

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

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B><U>Financial Statements and Exhibits</U></B>.</TD></TR></TABLE>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Forward-Looking Statements</U></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">This Current Report contains certain &ldquo;forward-looking
statements&rdquo; within the meaning of the federal securities laws. These statements are not historical facts but are based on
the Company&rsquo;s current expectations regarding its expected results and future performance. Forward-looking statements are
preceded by terms such as &ldquo;expects,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;intends&rdquo; and similar
expressions. The Company&rsquo;s ability to predict future results is inherently uncertain. Factors which could affect actual results
include interest rate trends, the general economic climate in the market area in which the Company and the Bank operate, as well
as nationwide, the Company&rsquo;s ability to control costs and expenses, competitive products and pricing, loan delinquency rates
and changes in federal and state legislation and regulation. <FONT STYLE="font-style: normal">Additional factors that may affect
the Company&rsquo;s results are discussed in the Company&rsquo;s Annual Report on Form 10-K under &ldquo;Item 1A. Risk Factors.&rdquo;</FONT> These factors should be considered in evaluating the forward-looking statements and undue reliance should not be placed on
such statements. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking
statements.</P>



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

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

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<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>SIGNATURES</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; text-align: left; text-indent: 0.5in">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
thereunto duly authorized.</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">&nbsp;</P>

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    <TD COLSPAN="3" STYLE="layout-grid-mode: line">NAUGATUCK VALLEY FINANCIAL CORPORATION</TD></TR>
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    <TD STYLE="layout-grid-mode: line">Date: April 27, 2012</TD>
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    <TD STYLE="layout-grid-mode: line; border-bottom: Black 1pt solid">/s/ John C. Roman</TD>
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    <TD STYLE="layout-grid-mode: line">John C. Roman</TD>
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    <TD COLSPAN="2" STYLE="layout-grid-mode: line">President and Chief Executive Officer</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v310812_8-k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27089}]
{"company-data": {"conformed-name": "Naugatuck Valley Financial Corp", "cik": "0001493552", "assigned-sic": "6035", "irs-number": "010969655", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-54447", "film-number": "12790671"}, "business-address": {"street1": "333 CHURCH STREET", "city": "NAUGATUCK", "state": "CT", "zip": "06770", "phone": "203 720 50000"}, "mail-address": {"street1": "333 CHURCH STREET", "city": "NAUGATUCK", "state": "CT", "zip": "06770"}}
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)
April 25, 2012
NAUGATUCK VALLEY FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in
Its Charter)
Maryland
0-54447
01-0969655
(State or other jurisdiction of
(Commission
(IRS Employer
incorporation)
File Number)
Identification No.)
333 Church Street, Naugatuck, Connecticut
06770
(Address of principal executive offices)
(Zip Code)
(203) 720-5000
(Registrant's telephone number, including
area code)
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 2.02
Results of Operations and Financial Condition
.
The information required by this Item is contained in Item 4.02
of this Current Report and is incorporated herein by reference.
Item 4.02
Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review
.
On April 25, 2012, the Board of Directors of Naugatuck Valley
Financial Corporation (the "Company") concluded that the Company's previously issued consolidated financial statements
for the fiscal year ended December 31, 2011, as contained in the Company's Form 10-K for the year ended December 31, 2011,
should no longer be relied upon. The Board of Directors arrived at this conclusion based on the recommendation of the Audit Committee
of the Board of Directors and management in connection with the exit interview conducted by the Office of the Comptroller of the
Currency (the "OCC") following its recently completed, regularly scheduled examination of Naugatuck Valley Savings
and Loan (the "Bank"), the Company's wholly-owned subsidiary.
During the OCC's exit interview with
the Bank on April 18, 2012, the OCC advised the Bank's management that it had determined that certain classified loans previously
identified by the Bank were required to be downgraded and three previously unclassified commercial loans were required to be categorized
as classified loans, requiring an increase to the allowance for loan losses at December 31, 2011. Following its review and analysis
of the OCC's findings in consultation with the Company's independent registered public accountants, the Bank's
management and the independent registered public accountants met with the Audit Committee and the Board of Directors on April 23,
2012. At that meeting, management reported on its analysis, in consultation with the independent registered public accountants,
of the OCC's findings and the Audit Committee and the Board of Directors directed management to follow-up with the OCC to
discuss the analysis. On April 25, 2012, the Bank's management and the independent registered public accountants met with
the Audit Committee and the Board of Directors to report on the follow-up discussions with the OCC and discuss the proposed recordation
of an additional provision for loan losses of $709,000 (before tax) during the quarter ended December 31, 2011 in order to increase
the allowance for loan losses to the level the OCC deemed sufficient at December 31, 2011, and the proposed establishment of a
$143,000 contingency reserve for possible losses on unfunded commitments and contingencies, after which the Bank's management,
the Audit Committee and the Board of Directors determined to record the additional provision for loan losses and establish the
contingency reserve.
As of the filing date of this Current Report,
the Company anticipates the following estimated revisions to its previously reported consolidated financial results at and for
the year ended December 31, 2011:
·
Decrease in net income for the year ended December 31, 2011 from $2.2 million ($0.33 basic and diluted per common share) to
$1.6 million ($0.24 basic and diluted per common share).
·
Increase in the provision for loan losses for the year ended December 31, 2011 from $3.6 million to $4.3 million.
·
Decrease in the allowance for loan losses at December 31, 2011 from $8.3 million to $8.1 million.
·
Establishment, as a liability at December 31, 2011, of a $143,000 contingency reserve for possible losses on unfunded commitments
and contingencies.
·
Decrease in total stockholders' equity at December 31, 2011 from $82.9 million to $82.3 million.
·
Increase in total classified assets at December 31, 2011 from $55.7 million to $62.3 million, with special mention assets increasing
from $24.1 million to $24.8 million, substandard assets increasing from $31.5 million to $36.1 million, doubtful assets increasing
from $66,000 to $1.4 million, and with no change in the balance of loss assets.
Following these revisions, the Bank will
remain "well-capitalized" under applicable regulatory capital standards at December 31, 2011.
The Company expects to file with the SEC
an amended Form 10-K for the fiscal year ended December 31, 2011 on or about May 15, 2012. The Bank expects to file with the OCC
an amended TFR for the quarter ended December 31, 2011 on or about the same date.
The Company's Board of Directors has
consulted and discussed with Whittlesey & Hadley, P.C., the Company's independent registered public accountants, the
matters disclosed in this Item 4.02.
Item 8.01
Other Events.
In light of the requirement to file a Form 10-K/A for the year ended December 31, 2011 as disclosed in
Item 4.02 of this Current Report, on April 25, 2012, the Company's Board of Directors determined to change the date of the
Company's 2012 Annual Meeting of Shareholders from the previously reported June 8, 2012 to June 29, 2012.
Item 9.01
Financial Statements and Exhibits
.
Not applicable.
Forward-Looking Statements
This Current Report contains certain "forward-looking
statements" within the meaning of the federal securities laws. These statements are not historical facts but are based on
the Company's current expectations regarding its expected results and future performance. Forward-looking statements are
preceded by terms such as "expects," "believes," "anticipates," "intends" and similar
expressions. The Company's ability to predict future results is inherently uncertain. Factors which could affect actual results
include interest rate trends, the general economic climate in the market area in which the Company and the Bank operate, as well
as nationwide, the Company's ability to control costs and expenses, competitive products and pricing, loan delinquency rates
and changes in federal and state legislation and regulation.
Additional factors that may affect
the Company's results are discussed in the Company's Annual Report on Form 10-K under "Item 1A. Risk Factors."
These factors should be considered in evaluating the forward-looking statements and undue reliance should not be placed on
such statements. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking
statements.
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
thereunto duly authorized.
NAUGATUCK VALLEY FINANCIAL CORPORATION
Date: April 27, 2012
By:
/s/ John C. Roman
John C. Roman
President and Chief Executive Officer