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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>UNITED STATES</FONT></B></TD></TR></TABLE></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></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">April 22, 2008</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>
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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><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">661-281-0360<BR>
</FONT></U></B><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-Regular,WingDings size=2>o</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>o</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>o</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 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 April 22, 2008, the Registrant&#146;s subsidiary, San Joaquin Bank, (together the &#147;Company&#148;) entered into an Executive Salary Continuation Agreement
(&#147;Agreement&#148;) with Philip McLaughlin (the &#147;Recipient&#148;), Senior Vice President of San Joaquin Bank. Mr. McLaughlin is 51 years old and a named executive officer in the Company&#146;s 2008 proxy statement.</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the Agreement, the Company agreed to provide to the Recipient certain supplemental salary continuation benefits in order to reasonably induce the Recipient to remain in
the Company&#146;s employment . The parties agreed that the effective date for purposes of determining the number of complete years of service under the Agreement is January 31, 2008. Under the Agreement, the following apply: </FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Recipient is continuously employed by the Bank until his retirement at age 65 (&#147;Retirement&#148;), the Recipient will be entitled to receive &#36;50,000 (&#147;Annual
Benefit&#148;) on an annual basis for life.</FONT>	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Recipient dies while still employed before the date he actually retires, payment of the annual benefit will be paid to the decedent&#146;s designated beneficiary beginning the
month following the Recipient&#146;s death for a period of five years. If the Recipient dies after he has retired but prior to receiving the Annual Benefit for five years, his beneficiary will receive the Annual Benefit for the period beginning the
month after his death and ending five years following the date of the Recipient&#146;s retirement .</FONT>	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Recipient becomes disabled while actively employed prior to his retirement, he will be entitled to receive for life the applicable percentage of the Annual Benefit (based on
the number of complete years of service), as set forth in the Agreement, beginning the month after the Recipient is determined to be disabled. If payments based on Recipient&#146;s disability commence prior to attainment of age 65, the annual
payments will be discounted to the present value of the applicable percentage of the Annual Benefit based on a discount rate of 5%.</FONT>	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Subject to the Company&#146;s right to terminate the Recipient&#146;s employment, with or without cause, if the Recipient&#146;s employment is terminated prior to attainment of age 65
for any reason other than disability or retirement, or in the event the Recipient terminates employment prior to age 65, the Recipient is entitled to be paid the applicable percentage of the Annual Benefit for life, as determined by the applicable
years of service (as set forth in the Agreement), commencing at the time of Recipient&#146;s attainment of age 65.</FONT>	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the Recipient continues employment after attaining age 65, payment of the Annual Benefit will commence beginning with the month following the actual retirement date. The Annual
Benefit will be actuarially adjusted to reflect the increased or decreased life expectancy as provided in the Agreement.</FONT>	</TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The above description of the Agreement is qualified in its entirety by reference to the actual Agreement, which is incorporated herein by reference. </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></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> (c) The following exhibits are included with this Report:</FONT></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 10.1 Executive Salary Continuation Agreement between San Joaquin Bancorp and Philip McLaughlin dated April 22, 2008.</FONT></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: /s/ Stephen M. Annis<BR>
______________________________</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: April 24, 2008</FONT></TD></TR></TABLE></P>
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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": "08776688"}, "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_20080422.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):
April 22, 2008
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):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 April 22, 2008, the Registrant's subsidiary, San Joaquin Bank, (together the "Company") entered into an Executive Salary Continuation Agreement
("Agreement") with Philip McLaughlin (the "Recipient"), Senior Vice President of San Joaquin Bank. Mr. McLaughlin is 51 years old and a named executive officer in the Company's 2008 proxy statement.
Pursuant to the Agreement, the Company agreed to provide to the Recipient certain supplemental salary continuation benefits in order to reasonably induce the Recipient to remain in
the Company's employment . The parties agreed that the effective date for purposes of determining the number of complete years of service under the Agreement is January 31, 2008. Under the Agreement, the following apply:
(a)
If the Recipient is continuously employed by the Bank until his retirement at age 65 ("Retirement"), the Recipient will be entitled to receive $50,000 ("Annual
Benefit") on an annual basis for life.
(b)
If the Recipient dies while still employed before the date he actually retires, payment of the annual benefit will be paid to the decedent's designated beneficiary beginning the
month following the Recipient's death for a period of five years. If the Recipient dies after he has retired but prior to receiving the Annual Benefit for five years, his beneficiary will receive the Annual Benefit for the period beginning the
month after his death and ending five years following the date of the Recipient's retirement .
(c)
If the Recipient becomes disabled while actively employed prior to his retirement, he will be entitled to receive for life the applicable percentage of the Annual Benefit (based on
the number of complete years of service), as set forth in the Agreement, beginning the month after the Recipient is determined to be disabled. If payments based on Recipient's disability commence prior to attainment of age 65, the annual
payments will be discounted to the present value of the applicable percentage of the Annual Benefit based on a discount rate of 5%.
(d)
Subject to the Company's right to terminate the Recipient's employment, with or without cause, if the Recipient's employment is terminated prior to attainment of age 65
for any reason other than disability or retirement, or in the event the Recipient terminates employment prior to age 65, the Recipient is entitled to be paid the applicable percentage of the Annual Benefit for life, as determined by the applicable
years of service (as set forth in the Agreement), commencing at the time of Recipient's attainment of age 65.
(d)
If the Recipient continues employment after attaining age 65, payment of the Annual Benefit will commence beginning with the month following the actual retirement date. The Annual
Benefit will be actuarially adjusted to reflect the increased or decreased life expectancy as provided in the Agreement.
The above description of the Agreement is qualified in its entirety by reference to the actual Agreement, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) The following exhibits are included with this Report:
Exhibit 10.1 Executive Salary Continuation Agreement between San Joaquin Bancorp and Philip McLaughlin dated April 22, 2008.
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: April 24, 2008