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<p ALIGN="CENTER">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</p>
<p ALIGN="CENTER"></p>
<b>
<p ALIGN="CENTER">FORM 8-K</p>
</b>
<p ALIGN="CENTER">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<br>
OF THE SECURITIES EXCHANGE ACT OF 1934</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">Date of Report (Date of earliest event reported) <u>May 9,
2007</p>
</u><b>
<p ALIGN="CENTER">CALVIN B. TAYLOR BANKSHARES, INC.<br>
</b>
(Exact name of registrant as specified in its charter)</p>
<p align="center">&nbsp;<u>Maryland</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>000-50047</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>52-1948274<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State of incorporation)&nbsp;&nbsp; (Commission file number)&nbsp;(IRS Employer
Identification No.)</p>
<p ALIGN="CENTER"></p>
<u>
<p ALIGN="CENTER">24 North Main Street, Berlin, Maryland 21811<br>
</u>
Address of principal executive offices</p>
<p ALIGN="CENTER"></p>
<u>
<p ALIGN="CENTER">(410) 641-1700<br>
</u>
Registrant&#8217;s telephone number, including area code)</p>
<p ALIGN="CENTER"></p>
<p ALIGN="CENTER">N/A<br>
(Former Name or Former Address, if Changed Since Last Report)</p>
<p ALIGN="left">&nbsp;</p>
<p style="page-break-after: always"></p>
<b>
<p>Section 8 &#8211; Other Events</p>
<p>Item 8.01 Other Events</p>
</b>
<p ALIGN="JUSTIFY">On May 9, 2007, the Board of Directors authorized the
Registrant to acquire 314,072 of shares of its common stock in open market
transactions. The Board of Directors established a maximum repurchase price of
$39.00 per share.</p>
<p ALIGN="JUSTIFY">This action modifies and continues an ongoing program.</p>
<p ALIGN="JUSTIFY"></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p style="page-break-after: always"></p>
<p ALIGN="CENTER">SIGNATURES</p>
<p ALIGN="JUSTIFY">Pursuant to the requirements of Section 13(a) or 15(d) 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>&nbsp;</p>
<p>&nbsp;</p>
<p><b>Calvin B. Taylor Bankshares, Inc.</b><u> </p>
</u>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Date: <u>May 18, 2007</u>_______&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
/s/ Reese F. Cropper, Jr.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board of Directors</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="JUSTIFY">Date:<u> May 18, 2007</u>_______&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
/s/ Raymond M. Thompson</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President &amp; Chief Executive Officer</p>
<p ALIGN="JUSTIFY"></p>
<p></p>
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{"company-data": {"conformed-name": "TAYLOR CALVIN B BANKSHARES INC", "cik": "0001003986", "assigned-sic": "6022", "irs-number": "520505410", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50047", "film-number": "07877494"}, "business-address": {"street1": "24 NORTH MAIN ST", "city": "BERLIN", "state": "MD", "zip": "21811", "phone": "4106411700"}, "mail-address": {"street1": "24 NORTH MAIN STREET", "city": "BERLIN", "state": "MD", "zip": "21811"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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,
2007
CALVIN B. TAYLOR BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland
000-50047
52-1948274
(State of incorporation)   (Commission file number) (IRS Employer
Identification No.)
24 North Main Street, Berlin, Maryland 21811
Address of principal executive offices
(410) 641-1700
Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Section 8 – Other Events
Item 8.01 Other Events
On May 9, 2007, the Board of Directors authorized the
Registrant to acquire 314,072 of shares of its common stock in open market
transactions. The Board of Directors established a maximum repurchase price of
$39.00 per share.
This action modifies and continues an ongoing program.
SIGNATURES
Pursuant to the requirements of Section 13(a) or 15(d) 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.
Calvin B. Taylor Bankshares, Inc.
Date:
May 18, 2007
_______         By:
/s/ Reese F. Cropper, Jr.
Chairman of the Board of Directors
Date:
May 18, 2007
_______         By:
/s/ Raymond M. Thompson
President & Chief Executive Officer