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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">January 31, 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>
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     <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><BR>
<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><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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<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 31, 2008, San Joaquin Bank (the &#147;Bank&#148;), a wholly-owned subsidiary of San Joaquin Bancorp (the &#147;Company&#148;) promoted Philip McLaughlin, age 50, to Senior Vice President and, therefore, he is now considered an executive officer by the Company. Mr. McLaughlin has been employed by the Bank as Vice President &#150; Loans since 1987. Mr. McLaughlin received his B.S. degree in Management and Operational Analysis from California State College, Bakersfield.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On January 31, 2008, based upon the recommendation of the Registrant's Compensation Committee (the "Committee"), the Company&#146;s Board of Directors (the "Board") set fiscal year 2008 base salaries and approved bonus awards to be paid to the Company&#146;s Chairman of the Board &amp; CEO, Bruce Maclin and the Company&#146;s four other highest paid executive officers (together with the Chairman of the Board, the &#147;Named Executive Officers&#148;) in connection with performance for the year ended December 31, 2007. 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, 2008:</FONT></P>
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     <TD noWrap align=left width="22%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Name</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="39%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Title</FONT>&nbsp; </TD>
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     <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 noWrap align=left width="22%"><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="39%"><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>$ 340,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 450,000</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%"><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="39%"><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;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>340,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>450,000</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%"><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="39%"><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=right width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="39%"><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>155,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>87,170</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%"><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="39%"><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=right width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="39%"><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>155,036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>87,170</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Phillip McLaughlin</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Senior Vice President</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>103,447</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>119,702</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 $50,000 each for Mr. Maclin and Mr. Hill for the year commencing January 1, 2008. 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>The Company will provide additional information related to executive compensation in its proxy statement for its 2008 Annual Meeting of Shareholders to be held on May 27, 2008, for shareholders of record as of April 7, 2008.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On January 31, 2008, Bruce Maclin, who has been a full-time employee since 1995, announced his partial retirement related solely to employment duties, effective March 1, 2008 (the &#147;Effective Date&#148;). Corresponding with his partial retirement, Mr. Maclin&#146;s base salary will be reduced by 30% on the Effective Date. The 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 &amp; CEO and as the Chairman of the Board for the Bank. </FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Item 8.01 Other Events.</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On January 31, 2008, the Board declared a cash dividend of $0.30 per common share. On the same date, the Board also declared a 10% stock dividend. The dividends are payable to shareholders of record as of February 28, 2008 and are payable on March 17, 2008. 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>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Item 9.01. Financial Statements and Exhibits.</FONT></B></P>
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     <TD noWrap><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 February 6, 2008.</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 m. 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: February 6, 2008</FONT></TD></TR></TABLE></P>
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form8k_20080131.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 31, 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 January 31, 2008, San Joaquin Bank (the "Bank"), a wholly-owned subsidiary of San Joaquin Bancorp (the "Company") promoted Philip McLaughlin, age 50, to Senior Vice President and, therefore, he is now considered an executive officer by the Company. Mr. McLaughlin has been employed by the Bank as Vice President – Loans since 1987. Mr. McLaughlin received his B.S. degree in Management and Operational Analysis from California State College, Bakersfield.
On January 31, 2008, based upon the recommendation of the Registrant's Compensation Committee (the "Committee"), the Company's Board of Directors (the "Board") set fiscal year 2008 base salaries and approved bonus awards to be paid to the Company's Chairman of the Board & CEO, Bruce Maclin and the Company's four other highest paid executive officers (together with the Chairman of the Board, the "Named Executive Officers") in connection with performance for the year ended December 31, 2007. 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, 2008:
Name
Title
Salary
Bonus
Bruce Maclin
Chairman of the Board & CEO
$ 340,000
$ 450,000
Bart Hill
President
340,000
450,000
Stephen Annis
Executive Vice President & Chief
Financial Officer
155,036
87,170
John Ivy
Executive Vice President & Chief
Credit Officer
155,036
87,170
Phillip McLaughlin
Senior Vice President
103,447
119,702
The Board also approved, based upon the recommendation of the Committee, a travel and entertainment allowance of $50,000 each for Mr. Maclin and Mr. Hill for the year commencing January 1, 2008. 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.
The Company will provide additional information related to executive compensation in its proxy statement for its 2008 Annual Meeting of Shareholders to be held on May 27, 2008, for shareholders of record as of April 7, 2008.
On January 31, 2008, Bruce Maclin, who has been a full-time employee since 1995, announced his partial retirement related solely to employment duties, effective March 1, 2008 (the "Effective Date"). Corresponding with his partial retirement, Mr. Maclin's base salary will be reduced by 30% on the Effective Date. The 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 & CEO and as the Chairman of the Board for the Bank.
Item 8.01 Other Events.
On January 31, 2008, the Board declared a cash dividend of $0.30 per common share. On the same date, the Board also declared a 10% stock dividend. The dividends are payable to shareholders of record as of February 28, 2008 and are payable on March 17, 2008. 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 February 6, 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: February 6, 2008