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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>UNITED STATES</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, D.C. 20549</FONT></B><BR>
<BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif>_______________________________</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><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">Date of Report (Date of earliest event reported): </FONT><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">January 25, 2007</FONT></U></B></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>SAN JOAQUIN BANCORP</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="31%"><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="38%"><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="25%"><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="31%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(State or Other Jurisdiction</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="38%"><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="25%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(IRS Employer</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center width="31%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>of Incorporation)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Identification No.)</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">____1000 Truxtun Avenue, Bakersfield, California 93301 ____</FONT></U></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Address of Principal Executive Offices) (Zip Code)</FONT></P>
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     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">661-281-0360<BR>
</FONT></U></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Registrant&#146;s telephone number, including area code)</FONT></TD></TR></TABLE></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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<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>On January 25, 2007, based upon the recommendation of the Registrant's Compensation Committee (the "Committee"), the Registrant&#146;s Board of Directors (the "Board") set fiscal year 2007 base salaries and approved bonus awards to be paid to the Company&#146;s Chairman of the Board &amp; CEO, Bruce Maclin and the President, Bart Hill, and the Company&#146;s two other highest paid executive officers (together with the Chairman of the Board and the President, the &#147;Named Executive Officers&#148;) in connection with performance for the year ended December 31, 2006. The following table shows the amounts of these awards, together with the base salaries of the Named Executive Officers for the 12-month period beginning January 1, 2007:</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>
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     <TD noWrap align=left width="41%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Title</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Salary</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Bonus</FONT>&nbsp; </TD></TR>
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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="41%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Chairman of the Board &amp; CEO</FONT>&nbsp; </TD>
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     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 327,209</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 395,725</FONT>&nbsp; </TD></TR>
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     <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="41%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>President</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>327,209</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>395,725</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="41%"><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="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Financial Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>147,653</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>62,960</FONT>&nbsp; </TD></TR>
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     <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="41%"><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="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Credit Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>147,653</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>62,960</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The Board also approved, based upon the recommendation of the Committee, a travel and entertainment allowance of $25,000 each for Mr. Maclin and Mr. Hill for the year commencing January 1, 2007. They will also receive gross-up payments for federal and state taxes which may be incurred by them as a result of using the travel and entertainment allowance.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On January 25, 2007, the Board, based upon the recommendation of the Committee, amended its Amended and Restated Executive Salary Continuation Agreements, dated as of December 19, 2006 with Stephen Annis and John Ivy to increase, from 65% to 75%, the percentage of the annual benefit payable to each of the executive's spouse in the event of the death of the Executive. The amendment also provides that in the event of the death of both the executive and their spouse, the named beneficiary will receive the applicable percentage of the annual benefit for five (5) years from the executive's retirement date.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The Company will provide additional information related to executive compensation in its proxy statement for its 2007 Annual Meeting of Shareholders to be held on May 16, 2007 for shareholders of record as of March 27, 2007.</FONT></P>
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     <TD noWrap><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Item 8.01 Other Events.</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On January 25, 2007, the Board declared a cash dividend of $0.27 per common share. The dividend is payable to shareholders of record as of February 28, 2007 and is payable on March 15, 2007. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by this reference.</FONT></P>
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     <TD noWrap><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Item 9.01. Financial Statements and Exhibits.</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(c) The following exhibits are included with this Report:</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Exhibit 99.1 Press release dated January 31, 2007.</FONT></TD></TR></TABLE></P>
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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></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>By: <U>/S/ Stephen Annis</U></FONT><BR>
<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: January 31, 2007</FONT></TD></TR></TABLE></P>
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form8k_20070131.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 25, 2007
SAN JOAQUIN BANCORP
(Exact name of registrant as specified in charter)
California
000-52165
20-5002515
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification No.)
____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 25, 2007, based upon the recommendation of the Registrant's Compensation Committee (the "Committee"), the Registrant's Board of Directors (the "Board") set fiscal year 2007 base salaries and approved bonus awards to be paid to the Company's Chairman of the Board & CEO, Bruce Maclin and the President, Bart Hill, and the Company's two other highest paid executive officers (together with the Chairman of the Board and the President, the "Named Executive Officers") in connection with performance for the year ended December 31, 2006. The following table shows the amounts of these awards, together with the base salaries of the Named Executive Officers for the 12-month period beginning January 1, 2007:
Name
Title
Salary
Bonus
Bruce Maclin
Chairman of the Board & CEO
$ 327,209
$ 395,725
Bart Hill
President
327,209
395,725
Stephen Annis
Executive Vice President & Chief
Financial Officer
147,653
62,960
John Ivy
Executive Vice President & Chief
Credit Officer
147,653
62,960
The Board also approved, based upon the recommendation of the Committee, a travel and entertainment allowance of $25,000 each for Mr. Maclin and Mr. Hill for the year commencing January 1, 2007. They will also receive gross-up payments for federal and state taxes which may be incurred by them as a result of using the travel and entertainment allowance.
On January 25, 2007, the Board, based upon the recommendation of the Committee, amended its Amended and Restated Executive Salary Continuation Agreements, dated as of December 19, 2006 with Stephen Annis and John Ivy to increase, from 65% to 75%, the percentage of the annual benefit payable to each of the executive's spouse in the event of the death of the Executive. The amendment also provides that in the event of the death of both the executive and their spouse, the named beneficiary will receive the applicable percentage of the annual benefit for five (5) years from the executive's retirement date.
The Company will provide additional information related to executive compensation in its proxy statement for its 2007 Annual Meeting of Shareholders to be held on May 16, 2007 for shareholders of record as of March 27, 2007.
Item 8.01 Other Events.
On January 25, 2007, the Board declared a cash dividend of $0.27 per common share. The dividend is payable to shareholders of record as of February 28, 2007 and is payable on March 15, 2007. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by this reference.
Item 9.01. Financial Statements and Exhibits.
(c) The following exhibits are included with this Report:
Exhibit 99.1 Press release dated January 31, 2007.
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 Annis
Executive Vice President and
Chief Financial Officer
Date: January 31, 2007