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) March 5, 2020
J.W. Mays, Inc. | ||||
(Exact name of registrant as specified in its charter) |
New York | 1-3647 | 11-1059070 | ||
(State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer | ||
Incorporation) | Identification No.) |
9 Bond Street, Brooklyn, New York | 11201-5805 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's Telephone Number, Including Area Code (718) 624-7400
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 obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] | 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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
This Report Contains 2 Pages
Item 1.01 Entry into a Material Definitive Agreement
J.W. Mays, Inc. (the "Company") has entered into a loan agreement with Putnam County National Bank wherein the Company has obtained a loan secured by a first mortgage on its Fishkill property on the following terms:
Principal Amount of Loan - $4,000,000
Interest Rate – 3.98% per annum
Monthly Payment – $24,197.08
Term of Loan – Five years
Amortization of Loan – Twenty years
Mr. Dean L. Ryder, a member of the Board of Directors of the Company, is affiliated with Putnam County National Bank. The mortgage loan was on terms generally available to other borrowers of the lending bank.
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.
J. W. Mays, Inc. | ||
Dated: March 5, 2020 | By: Mark Greenblatt | |
Mark Greenblatt | ||
Executive Vice President | ||
Principal Financial Officer |