<HTML>
<HEAD>
   <TITLE>form8k_20070321.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></B></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>FORM 8-K</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Securities Exchange Act of 1934</FONT></B></TD></TR></TABLE></P>
<P align=right>
<TABLE width="100%" border=0>
<TR>
     <TD noWrap align=right width="50%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of Report (Date of earliest event reported):</FONT></TD>
     <TD align=left width="50%">
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">March 21, 2007<BR>
<FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>_______________________________</FONT></FONT></B></P>
</TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>SAN JOAQUIN BANCORP</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>___________________________________________________________</FONT></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Exact name of registrant as specified in charter)</FONT></TD></TR></TABLE></P>
<DIV align=center>
<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="30%">
<P><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">California<BR>
<FONT size=1>________________________________</FONT></FONT></B></P>
</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=center width="31%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">000-52165</FONT></B>&nbsp;<BR>
<FONT size=1>________________________________</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=center width="33%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">20-5002515</FONT></B>&nbsp;<BR>
<FONT size=1>________________________________</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(State or Other Jurisdiction of</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=center width="31%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Commission File Number)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=center width="33%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(IRS Employer Identification No.)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporation)</FONT>&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="31%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="33%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1000 Truxtun Avenue, Bakersfield, California 93301<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>___________________________________________________________<BR>
</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Address of Principal Executive Offices) (Zip Code)</FONT></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">661-281-0360<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1>___________________________________________________________<BR>
</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Registrant&#146;s telephone number, including area code)</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 (</FONT><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>see</FONT></I> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>General Instruction A.2. below):</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings-Regular,WingDings size=2>&#168;</FONT>&nbsp; &nbsp; &nbsp;</TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings-Regular,WingDings size=2>&#168;</FONT>&nbsp; &nbsp; &nbsp;</TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings-Regular,WingDings size=2>&#168;</FONT>&nbsp; &nbsp; &nbsp;</TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings-Regular,WingDings size=2>&#168;</FONT>&nbsp; &nbsp; &nbsp;</TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_2"></A>

<P align="left">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) On March, 21, 2007, Elvin G. Berchtold, a director of San Joaquin Bank (&#147;Bank&#148;) since it was founded in 1980 and a director of San Joaquin Bancorp (&#147;Company&#148;)
since 2006, indicated to the Board of Directors that he intended to retire as a director and tendered his resignation, effective as of April 19, 2007. Mr. Berchtold&#146;s retirement and resignation was not due to any disagreement with the Company,
known to an executive officer of the Company, on any matter relating to its operations, policies or practices.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On March 21, 2007, the Board of Directors adopted a resolution to reduce the number of directors from ten to nine, effective April 19, 2007.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e) On March 21, 2006, based upon the recommendation of the Company&#146;s Audit Committee, the Board of Directors approved a purchase agreement between the Company and a related
person, John Ivy, the Chief Credit Officer of the Bank. The transaction was reviewed and approved pursuant to the Company&#146;s Related Person Transaction Policy. On March 22, 2007, the Company entered into the purchase agreement which provides
that the Company will purchase from Mr. Ivy, his residence located in Rockwall, Texas. The purchase price of the property is equal to the fair market value of &#36;381,000, as determined by an independent appraiser. The Company will also pay the
closing costs associated with the transaction.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Ivy is a Named Executive Officer in the Company&#146;s proxy statement in connection with the Company&#146;s 2007 Annual Meeting of Shareholders to be held on May 23,
2007.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The purchase of the property is a one-time transaction undertaken to assist on a family relocation matter and for internal operations purposes. The Company intends to list the
property for &#36;375,000 and to promptly sell the property subject to local market conditions. Any gain or loss associated with the sale of the property will be for the account of the Company.</FONT></P>

<HR noshade align="center" width="100%" size=2>



<A name="page_3"></A>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SIGNATURES</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>SAN JOAQUIN BANCORP</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By: /s/ Stephen M. Annis<BR>
______________________________</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Stephen M. Annis<BR>
Executive Vice President and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Chief Financial Officer</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date: March 26, 2007</FONT></P>
</TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>
[{"type": "8-K", "sequence": "1", "filename": "form8k_20070326.htm", "description": "FORM 8K", "secsgml_size_bytes": 10416}]
{"company-data": {"conformed-name": "SAN JOAQUIN BANCORP", "cik": "0001368883", "assigned-sic": "6022", "irs-number": "205002515", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-52165", "film-number": "07717481"}, "business-address": {"street1": "1000 TRUXTUN AVENUE", "city": "BAKERSFIELD", "state": "CA", "zip": "93301", "phone": "661-281-0360"}, "mail-address": {"street1": "1000 TRUXTUN AVENUE", "city": "BAKERSFIELD", "state": "CA", "zip": "93301"}}
form8k_20070321.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
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 21, 2007
_______________________________
SAN JOAQUIN BANCORP
___________________________________________________________
(Exact name of registrant as specified in charter)
California
________________________________
000-52165
________________________________
20-5002515
________________________________
(State or Other Jurisdiction of
(Commission File Number)
(IRS Employer Identification No.)
Incorporation)
1000 Truxtun Avenue, Bakersfield, California 93301
___________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
661-281-0360
___________________________________________________________
(Registrant's telephone number, including area code)
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 (
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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On March, 21, 2007, Elvin G. Berchtold, a director of San Joaquin Bank ("Bank") since it was founded in 1980 and a director of San Joaquin Bancorp ("Company")
since 2006, indicated to the Board of Directors that he intended to retire as a director and tendered his resignation, effective as of April 19, 2007. Mr. Berchtold's retirement and resignation was not due to any disagreement with the Company,
known to an executive officer of the Company, on any matter relating to its operations, policies or practices.
On March 21, 2007, the Board of Directors adopted a resolution to reduce the number of directors from ten to nine, effective April 19, 2007.
(e) On March 21, 2006, based upon the recommendation of the Company's Audit Committee, the Board of Directors approved a purchase agreement between the Company and a related
person, John Ivy, the Chief Credit Officer of the Bank. The transaction was reviewed and approved pursuant to the Company's Related Person Transaction Policy. On March 22, 2007, the Company entered into the purchase agreement which provides
that the Company will purchase from Mr. Ivy, his residence located in Rockwall, Texas. The purchase price of the property is equal to the fair market value of $381,000, as determined by an independent appraiser. The Company will also pay the
closing costs associated with the transaction.
John Ivy is a Named Executive Officer in the Company's proxy statement in connection with the Company's 2007 Annual Meeting of Shareholders to be held on May 23,
2007.
The purchase of the property is a one-time transaction undertaken to assist on a family relocation matter and for internal operations purposes. The Company intends to list the
property for $375,000 and to promptly sell the property subject to local market conditions. Any gain or loss associated with the sale of the property will be for the account of the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SAN JOAQUIN BANCORP
By: /s/ Stephen M. Annis
______________________________
Stephen M. Annis
Executive Vice President and
Chief Financial Officer
Date: March 26, 2007