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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B></P>
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     <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>
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     <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=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of Report (Date of earliest event reported):&nbsp;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><U>January 7, 2009</U></FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4><U>SAN JOAQUIN BANCORP</U></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 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>
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     <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"><U>1000 Truxtun Avenue, Bakersfield, California 93301 </U></FONT></B><BR>
<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></FONT></B><BR>
<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-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>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <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>
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     <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>
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     <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>
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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 January 7, 2009, following discussions with the Compensation Committee (&#147;Committee&#148;) of San Joaquin Bancorp (&#147;Company&#148;), Bruce Maclin, the Company&#146;s
Chairman and Chief Executive Officer, decided to reduce to fifty percent (50%) the time he would devote to executive employment functions in his capacity as the Company&#146;s Chief Executive Officer. Mr. Maclin and the Committee agreed that Mr.
Maclin&#146;s annual base salary would be reduced proportionately such that effective as of January 1, 2009 his new base salary will be &#36;232,608. Mr. Maclin&#146;s decision to further reduce his executive functions follows the twenty percent
(20%) reduction related solely to employment duties that had previously been announced in connection with his partial retirement, effective March 1, 2008. No changes were made in connection with any other existing compensatory arrangements between
Mr. Maclin and the Company. The latest reduction in the amount of time Mr. Maclin commits to the Company in connection with his employment was not due to any disagreement with the Company, on any matter relating to its operations, policies or
practices. Mr. Maclin will continue to serve as the Company&#146;s Chairman of the Board and Chief Executive Officer and Chairman of the Board of the Company&#146;s wholly owned subsidiary, San Joaquin Bank. </FONT></P>

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<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>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>SAN JOAQUIN BANCORP</FONT><BR>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By: <U>/s/ Stephen M. Annis</U></FONT></TD></TR></TABLE></P>
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     <TD width=26>&nbsp;</TD>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Executive Vice President </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>and Chief Financial Officer</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date: January 12, 2009</FONT></TD></TR></TABLE></P>
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sjqu_form8k20090107.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):
January 7, 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 7, 2009, following discussions with the Compensation Committee ("Committee") of San Joaquin Bancorp ("Company"), Bruce Maclin, the Company's
Chairman and Chief Executive Officer, decided to reduce to fifty percent (50%) the time he would devote to executive employment functions in his capacity as the Company's Chief Executive Officer. Mr. Maclin and the Committee agreed that Mr.
Maclin's annual base salary would be reduced proportionately such that effective as of January 1, 2009 his new base salary will be $232,608. Mr. Maclin's decision to further reduce his executive functions follows the twenty percent
(20%) reduction related solely to employment duties that had previously been announced in connection with his partial retirement, effective March 1, 2008. No changes were made in connection with any other existing compensatory arrangements between
Mr. Maclin and the Company. The latest reduction in the amount of time Mr. Maclin commits to the Company in connection with his employment was not due to any disagreement with the Company, on any matter relating to its operations, policies or
practices. Mr. Maclin will continue to serve as the Company's Chairman of the Board and Chief Executive Officer and Chairman of the Board of the Company's wholly owned subsidiary, San Joaquin Bank.
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: January 12, 2009