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<TITLE>MACB Form 8-K -- accountants</TITLE>
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<META NAME="date" CONTENT="05/13/2005">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>___________</B></P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): <B>May 9, 2005</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>___________</B></P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>CITIZENS BANCORP OF VIRGINIA, INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=208><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or other jurisdiction</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>of incorporation)</P>
</TD><TD valign=top width=208 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>000-50576</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Commission File Number)</P>
</TD><TD valign=top width=232><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B>20-0469337</B> </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(I.R.S. Employer</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Identification No.)</P>
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<TR><TD valign=top width=208>&nbsp;</TD><TD valign=top width=208 colspan=2>&nbsp;</TD><TD valign=top width=232>&nbsp;</TD></TR>
<TR><TD valign=top width=312 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>126 South Main Street</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Blackstone, Virginia</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of principal executive offices)</P>
</TD><TD valign=top width=336 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>23824</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Zip Code)</P>
</TD></TR>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Registrant&#146;s telephone number, including area code: <B>(434) 292-7221</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Not Applicable</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Former name or former address, if changed since last report)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>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="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:Wingdings; font-size:12pt" align=justify>o</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:Wingdings; font-size:12pt" align=justify>o</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:Wingdings; font-size:12pt" align=justify>o</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:18pt; line-height:14pt; font-family:Wingdings; font-size:12pt" align=justify>o</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="page-break-before:always; margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Item 1.01</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Entry into a Material Definitive Agreement</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B></B>On May 9, 2005, the Company entered into a Management Continuity Agreement with Ronald E. Baron (the &#147;Agreement&#148;) in connection with Mr. Baron&#146;s appointment as the Company&#146;s Vice President and Chief Financial Officer. &nbsp;The agreement will expire on December 31, 2005, but will automatically renew for a rolling two-year term on that date and each December 31 thereafter.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In the event of a Change in Control of the Company (as defined in the Agreement), the Company will continue to employ Mr. Baron until the third anniversary of the date of such Change in Control. &nbsp;The Agreement provides for the payment of base salary and an annual bonus to Mr. Baron following the Change in Control and entitles him to participate in the incentive, savings and retirement plans and welfare benefit plans of the Company. &nbsp;The Agreement also provides for certain benefits and payments to Mr. Baron in the event of the termination of employment following a Change in Control. &nbsp;If his employment terminates with &#147;Cause&#148; (as defined in the Agreement) or for &#147;Good Reason&#148; (as defined in the Agreement), or if his employment terminates in the 90-day period following the one-year anniversary of the Change in Control, Mr. Baron is entitled to receive (i) a lump sum payment of base salary, incentive or bonus compensation, bonus and other benefits and awards earned, but not paid, through the date of termination, (ii) a lump sum payment of his base salary in effect at the date of termination and (iii) the continuation of employee welfare benefits for 24 months following the date of termination. &nbsp;The Company will also compensate Mr. Baron for certain excise taxes that may be imposed on him in connection with such termination of employment. </P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Item 9.01</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Financial Statements and Exhibits.</B></P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:54pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:54pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Exhibits.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Exhibit No.</U></B></P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Description</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.1</P>
<P style="margin:0pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Management Continuity Agreement dated May 9, 2005 between the Company and Ronald E. Baron.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>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>
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<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>CITIZENS BANCORP OF VIRGINIA, INC.</B></P>
<P style="margin:0pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(Registrant) </P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated: &nbsp;May 13, 2005</P>
<P style="margin:0pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: <U>/s/ William E. Doyle, Jr.</U></P>
<P style="margin:0pt; padding-left:252pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">William E. Doyle, Jr.</P>
<P style="margin:0pt; padding-left:252pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President and Chief Executive Officer </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:18pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Exhibit No.</U></P>
<P style="margin:0pt; padding-left:18pt; text-indent:90pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Description</U></P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>10.1</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Management Continuity Agreement dated May 9, 2005 between the </P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Company and Ronald E. Baron.</P>
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MACB Form 8-K -- accountants
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):
May 9, 2005
___________
CITIZENS BANCORP OF VIRGINIA, INC.
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction
of incorporation)
000-50576
(Commission File Number)
20-0469337
(I.R.S. Employer
Identification No.)
126 South Main Street
Blackstone, Virginia
(Address of principal executive offices)
23824
(Zip Code)
Registrant's telephone number, including area code:
(434) 292-7221
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 May 9, 2005, the Company entered into a Management Continuity Agreement with Ronald E. Baron (the "Agreement") in connection with Mr. Baron's appointment as the Company's Vice President and Chief Financial Officer.  The agreement will expire on December 31, 2005, but will automatically renew for a rolling two-year term on that date and each December 31 thereafter.
In the event of a Change in Control of the Company (as defined in the Agreement), the Company will continue to employ Mr. Baron until the third anniversary of the date of such Change in Control.  The Agreement provides for the payment of base salary and an annual bonus to Mr. Baron following the Change in Control and entitles him to participate in the incentive, savings and retirement plans and welfare benefit plans of the Company.  The Agreement also provides for certain benefits and payments to Mr. Baron in the event of the termination of employment following a Change in Control.  If his employment terminates with "Cause" (as defined in the Agreement) or for "Good Reason" (as defined in the Agreement), or if his employment terminates in the 90-day period following the one-year anniversary of the Change in Control, Mr. Baron is entitled to receive (i) a lump sum payment of base salary, incentive or bonus compensation, bonus and other benefits and awards earned, but not paid, through the date of termination, (ii) a lump sum payment of his base salary in effect at the date of termination and (iii) the continuation of employee welfare benefits for 24 months following the date of termination.  The Company will also compensate Mr. Baron for certain excise taxes that may be imposed on him in connection with such termination of employment.
Item 9.01
Financial Statements and Exhibits.
(c)
Exhibits.
Exhibit No.
Description
10.1
Management Continuity Agreement dated May 9, 2005 between the Company and Ronald E. Baron.
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.
CITIZENS BANCORP OF VIRGINIA, INC.
(Registrant)
Dated:  May 13, 2005
By:
/s/ William E. Doyle, Jr.
William E. Doyle, Jr.
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
Management Continuity Agreement dated May 9, 2005 between the
Company and Ronald E. Baron.