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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>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B></P>
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<TABLE>
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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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<TABLE>
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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>January 24, 2009</U></FONT></B></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 width="2%">&nbsp; </TD>
     <TD width="31%">
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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"><U>1000 Truxtun Avenue, Bakersfield, California 93301<BR>
</U></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"><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-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>
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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>
<TR>
     <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>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 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>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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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(e) On January 24, 2009, based upon the recommendation of independent directors on the Registrant&#146;s Compensation Committee (the "Committee"), the Company&#146;s Board of Directors (the "Board") approved discretionary bonus awards to be paid to the Company&#146;s Chairman of the Board and Chief Executive Officer, Bruce Maclin and the Company&#146;s three other highest paid executive officers (together with the Chairman of the Board, the &#147;Named Executive Officers&#148;) for the year ended December 31, 2008. The bonuses awarded to the Named Executive Officers were substantially reduced by amounts ranging from 48.6% to 55.6%, as compared to the prior year.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>For fiscal year 2009, the base salary for the Chairman of the Board and Chief Executive Officer, Mr. Maclin, was not changed from the level set by the Registrant at a meeting of the Compensation Committee on January 7, 2009 (as previously disclosed). At its meeting on January 24, 2009, based on the recommendation of the Committee, the Board decided to maintain the base salaries of its other Named Executive Officers at 2008 levels. The following table sets forth the discretionary bonus awards approved by the Board, together with the base salaries for the Named Executive Officers for the 12-month period beginning January 1, 2009:</FONT></P>
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     <TD noWrap align=left width="19%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Name</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Title</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Salary</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Bonus</FONT>&nbsp; </TD></TR>
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     <TD width="19%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="42%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="13%">
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     <TD noWrap align=left width="19%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Bruce Maclin</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Chairman of the Board &amp; CEO</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 170,004</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 200,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Bart Hill</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>President</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>340,008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>200,000</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="19%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Stephen Annis</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Executive Vice President &amp; Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Financial Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>155,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>44,831</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>John Ivy</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Executive Vice President &amp; Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Credit Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>155,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>44,831</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>All other elements of executive compensation remain unchanged.</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>
<BR>
<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 29, 2009</FONT></TD></TR></TABLE></P>
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sjqu_form8k-20090124.htm
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 24, 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.
(e) On January 24, 2009, based upon the recommendation of independent directors on the Registrant's Compensation Committee (the "Committee"), the Company's Board of Directors (the "Board") approved discretionary bonus awards to be paid to the Company's Chairman of the Board and Chief Executive Officer, Bruce Maclin and the Company's three other highest paid executive officers (together with the Chairman of the Board, the "Named Executive Officers") for the year ended December 31, 2008. The bonuses awarded to the Named Executive Officers were substantially reduced by amounts ranging from 48.6% to 55.6%, as compared to the prior year.
For fiscal year 2009, the base salary for the Chairman of the Board and Chief Executive Officer, Mr. Maclin, was not changed from the level set by the Registrant at a meeting of the Compensation Committee on January 7, 2009 (as previously disclosed). At its meeting on January 24, 2009, based on the recommendation of the Committee, the Board decided to maintain the base salaries of its other Named Executive Officers at 2008 levels. The following table sets forth the discretionary bonus awards approved by the Board, together with the base salaries for the Named Executive Officers for the 12-month period beginning January 1, 2009:
Name
Title
Salary
Bonus
Bruce Maclin
Chairman of the Board & CEO
$ 170,004
$ 200,000
Bart Hill
President
340,008
200,000
Stephen Annis
Executive Vice President & Chief
Financial Officer
155,040
44,831
John Ivy
Executive Vice President & Chief
Credit Officer
155,040
44,831
All other elements of executive compensation remain unchanged.
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 29, 2009