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<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><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>FORM 8-K </FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT<BR>
</FONT></B><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></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of Report (Date of earliest event reported): </FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><U>June 23, 2009</U></FONT></B></P>
<P 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></P>
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     <TD noWrap align=center width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">California</FONT></B>&nbsp; </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; </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; </TD></TR>
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     <TD width="2%">&nbsp; </TD>
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     <TD width="2%">&nbsp; </TD>
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     <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>
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     <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>_________________________________________________________________________________________________________________________________________</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <BR>
</FONT><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"><U>661-281-0360</U><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>
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     <TD vAlign=top noWrap><FONT face=Wingdings>&#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>
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     <TD vAlign=top noWrap><FONT face=Wingdings>&#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>
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     <TD vAlign=top noWrap><FONT face=Wingdings>&#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>
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     <TD vAlign=top noWrap><FONT face=Wingdings>&#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></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.01 Entry into a Material Definitive Agreement. </FONT></B></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On June 23, 2009, San Joaquin Bancorp entered into indemnification agreements with each member of the Company&#146;s Board of Directors (the &#147;Board&#148;) and each Named
Executive Officer (&#147;NEO&#148;). The indemnification agreements indemnify each of the directors and NEOs against expenses or liabilities incurred in connection with the investigation, defense, settlement or appeal of any proceeding associated
with the indemnitee being an agent of the Corporation or by reason of anything done or not done by the indemnitee in such capacity. The form of indemnification agreement is attached as exhibit 10.1 and incorporated herein by reference. </FONT></P>
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<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>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On June 23, 2009, the Board voted to implement certain cost saving measures in order to enhance the future profitability of the Company. These measures are effective July 1, 2009 and
include, among others, the elimination of all remaining personal expense allowances, if any, for NEOs and all directors&#146; fees for the remainder of 2009.</FONT></P>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 9.01. Financial Statements and Exhibits.</FONT></B><BR>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 10.1 Form of Indemnification Agreement </FONT></TD></TR></TABLE>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SIGNATURES</FONT></B></TD></TR></TABLE></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>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>SAN JOAQUIN BANCORP</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By: <U>/s/ Stephen M. Annis </U></FONT></TD></TR></TABLE></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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: June 26, 2009 </FONT></P>
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form8k_20090623.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):
June 23, 2009
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 1.01 Entry into a Material Definitive Agreement.
On June 23, 2009, San Joaquin Bancorp entered into indemnification agreements with each member of the Company's Board of Directors (the "Board") and each Named
Executive Officer ("NEO"). The indemnification agreements indemnify each of the directors and NEOs against expenses or liabilities incurred in connection with the investigation, defense, settlement or appeal of any proceeding associated
with the indemnitee being an agent of the Corporation or by reason of anything done or not done by the indemnitee in such capacity. The form of indemnification agreement is attached as exhibit 10.1 and incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 23, 2009, the Board voted to implement certain cost saving measures in order to enhance the future profitability of the Company. These measures are effective July 1, 2009 and
include, among others, the elimination of all remaining personal expense allowances, if any, for NEOs and all directors' fees for the remainder of 2009.
Item 9.01. Financial Statements and Exhibits.
Exhibit 10.1 Form of Indemnification Agreement
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
Executive Vice President and
Chief Financial Officer
Date: June 26, 2009