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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION 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):</FONT> <B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><U>August 22, 2007</U></FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=1></FONT></B>&nbsp;</P>
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     <TD noWrap 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></TD></TR></TABLE></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>
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     <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></P>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Address of Principal Executive Offices) (Zip Code)</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><U>661-281-0360</U></FONT></B></TD></TR></TABLE></P>
<P align=center><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 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 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 August 22, 2007, Farmersville Village Grove Associates (a California Limited Partnership) (&#147;Seller&#148;) and Pacific West Communities, Inc. (&#147;Buyer&#148;) entered into a
purchase agreement for the sale of a forty-eight unit apartment project known as Village Grove Apartments on property situated at 675 South Farmersville Blvd. in the City of Farmersville, County of Tulare, California.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The sale price is One Million Six Hundred Seventy-Five Thousand Dollars (&#36;1,675,000.00) and is subject to the following terms: All cash including deposit, and subject to and
contingent upon the assumption of an existing note secured by a first deed of trust in favor of the United States Department of Agriculture (USDA) in the anticipated approximate amount of &#36;775,000, authorization of a tax-exempt bond sale by the
California Debt Limit Allocation Committee and receipt of an allocation of federal tax credits by the California Tax Credit Allocation Committee. Under this structure, it is anticipated that Seller will net approximately &#36;900,000 in cash subject
to certain prorations and adjustments. This sale is further contingent upon buyer&#146;s inspection of the property and inspection of compliance and property management records and accounting documents.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Buyer has until January 1, 2008 to examine and investigate all aspects of the subject property, and obtain all of the approvals set forth above. Escrow is expected to close in the
first half of 2008.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">At any time prior to the expiration of the Review Period, Buyer shall have the right in its sole discretion to terminate this Agreement for any reason whatsoever by giving written
notice to Escrow Holder and Seller. It is further agreed that Seller has 60 days to review and investigate &#147;recapture issues&#148; with respect to this sale.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">San Joaquin Bancorp (the &#147;Company) is a California corporation registered as a bank holding company. San Joaquin Bank (the &#147;Bank&#148;) is a wholly-owned subsidiary of San
Joaquin Bancorp. Kern Island Company is a wholly-owned subsidiary of the Bank which was formed in order to acquire, develop, sell or operate commercial or residential real property located in the Company's market area. Farmersville Village Grove
Associates is a California limited partnership formed by the Bank and Kern Island Company to acquire and operate low-income housing projects under the auspices of the Rural Economic and Community Development Department (formerly Farmers Home
Administration), United States Department of Agriculture. Kern Island Company is the 5% general partner and the Bank is the 95% limited partner. </FONT></P>

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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">SAN JOAQUIN BANCORP</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Stephen M. Annis</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Executive Vice President</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Chief Financial Officer</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: August 28, 2007</FONT>
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{"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": "071085133"}, "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_20070829.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):
August 22, 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 1.01 Entry into a Material Definitive Agreement.
On August 22, 2007, Farmersville Village Grove Associates (a California Limited Partnership) ("Seller") and Pacific West Communities, Inc. ("Buyer") entered into a
purchase agreement for the sale of a forty-eight unit apartment project known as Village Grove Apartments on property situated at 675 South Farmersville Blvd. in the City of Farmersville, County of Tulare, California.
The sale price is One Million Six Hundred Seventy-Five Thousand Dollars ($1,675,000.00) and is subject to the following terms: All cash including deposit, and subject to and
contingent upon the assumption of an existing note secured by a first deed of trust in favor of the United States Department of Agriculture (USDA) in the anticipated approximate amount of $775,000, authorization of a tax-exempt bond sale by the
California Debt Limit Allocation Committee and receipt of an allocation of federal tax credits by the California Tax Credit Allocation Committee. Under this structure, it is anticipated that Seller will net approximately $900,000 in cash subject
to certain prorations and adjustments. This sale is further contingent upon buyer's inspection of the property and inspection of compliance and property management records and accounting documents.
Buyer has until January 1, 2008 to examine and investigate all aspects of the subject property, and obtain all of the approvals set forth above. Escrow is expected to close in the
first half of 2008.
At any time prior to the expiration of the Review Period, Buyer shall have the right in its sole discretion to terminate this Agreement for any reason whatsoever by giving written
notice to Escrow Holder and Seller. It is further agreed that Seller has 60 days to review and investigate "recapture issues" with respect to this sale.
San Joaquin Bancorp (the "Company) is a California corporation registered as a bank holding company. San Joaquin Bank (the "Bank") is a wholly-owned subsidiary of San
Joaquin Bancorp. Kern Island Company is a wholly-owned subsidiary of the Bank which was formed in order to acquire, develop, sell or operate commercial or residential real property located in the Company's market area. Farmersville Village Grove
Associates is a California limited partnership formed by the Bank and Kern Island Company to acquire and operate low-income housing projects under the auspices of the Rural Economic and Community Development Department (formerly Farmers Home
Administration), United States Department of Agriculture. Kern Island Company is the 5% general partner and the Bank is the 95% limited partner.
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: August 28, 2007