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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): April 13, 2009</B>

<P style="font-size: 24pt" align="center"><B>PMC COMMERCIAL TRUST<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>TEXAS</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-13610</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75-6446078</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>17950 Preston Road, Suite 600, Dallas, TX</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>75252</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(972) 349-3200</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;5.03 Amendments to
Articles of Incorporation or Bylaws; Change in Fiscal Year.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Effective
April&nbsp;13, 2009, in connection with management&#8217;s ordinary periodic
review of PMC Commercial Trust&#8217;s (the &#8220;Company&#8221;) governance
documents, the Board of Trust Managers approved an amendment to the bylaws of
the Company.

<P style="font-size: 10pt; text-indent: 4%" align="justify">In general, the
amendments were to:

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Delete the prior requirement that the annual
meeting of shareholders be held by a specific date, and instead provides that
the annual meeting of shareholders will be held as and when determined by the
Company&#8217;s Board of Trust Managers.</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Provide a maximum limit on the size of the
Company&#8217;s Board of Trust Managers to 15. This amendment conforms the
bylaws to be consistent with the limitation contained in the Company&#8217;s
governance guidelines that limits the number of Trust Managers to 15.</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Limit the ability to fill vacancies on the
Board of Trust Managers to the Company&#8217;s Board of Trust Managers.
Previously the bylaws permitted the shareholders to fill vacancies on the Board
of Trust Managers at special meetings of the shareholders.</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Provide that the compensation of the Trust
Managers shall be determined by the Company&#8217;s compensation committee in
accordance with its charter. The bylaws previously provided that the
Company&#8217;s Trust Managers would each receive a set fee for each meeting or
committee meeting attended in person.</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="6%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Add advance notice provisions.</DIV>
</TD>
 </TR>

</TABLE>&nbsp;


<P style="font-size: 10pt; text-indent: 4%" align="justify">The foregoing
description of the amendment to the Company&#8217;s bylaws is qualified in its
entirety by reference to the First Amendment to the Bylaws of PMC Commercial
Trust adopted and approved by the Board of Trust Managers, a copy of which is
attached and incorporated herein as Exhibit&nbsp;3.1 to this Current Report on
Form 8-K.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01 Financial
Statements and Exhibits.</B> <BR>
&nbsp; <BR>
(d)&nbsp;Exhibits

<P>
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border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%">3.1</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">First Amendment to the Bylaws of PMC
Commercial Trust</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURE</B>

<P style="font-size: 10pt" align="justify">Pursuant to the requirements of
Section&nbsp;13 or 15 (d)&nbsp;of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

<P style="font-size: 10pt" align="justify">Date: April&nbsp;16, 2009



<TABLE style="font-size: 10pt; text-align: center" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="48%">&nbsp;</TD>
 </TR>

<TR valign="bottom">
     <TD align="left">&nbsp;</TD>
     <TD align="left" colspan="2"><B>PMC COMMERCIAL TRUST</B></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
     <TD align="left">&nbsp;</TD>
     <TD align="left">By:&nbsp;</TD>
     <TD align="left" style="border-bottom: #000000 1px solid">/s/ Barry N. Berlin</TD>
</TR>

<TR valign="bottom">
     <TD align="left">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align="left">Barry N. Berlin, Chief Financial Officer and <BR>
Executive Vice President</TD>
</TR>
</TABLE>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>



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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">

 <TR valign="top">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
</TR>

<TR valign="bottom">
     <TD align="left" style="border-bottom: #000000 1px solid"><B>Exhibit<BR>Number</B></TD>
     <TD>&nbsp;</TD>
     <TD align="left" style="border-bottom: #000000 1px solid"><B>Description</B></TD>
</TR>

 <TR valign="top">
  <TD align="left">3.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">First Amendment to the Bylaws of PMC Commercial Trust</TD>
 </TR>

</TABLE>



<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "PMC COMMERCIAL TRUST /TX", "cik": "0000908311", "assigned-sic": "6798", "irs-number": "756446078", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13610", "film-number": "09752922"}, "business-address": {"street1": "17950 PRESTON RD", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75252", "phone": "972-349-3200"}, "mail-address": {"street1": "17950 PRESTON RD", "street2": "SUITE 600", "city": "DALLAS", "state": "TX", "zip": "75252"}}
Form 8-K
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 13, 2009
PMC COMMERCIAL TRUST
(Exact name of registrant as specified in its charter)
TEXAS
1-13610
75-6446078
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
17950 Preston Road, Suite 600, Dallas, TX
75252
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(972) 349-3200
(Former name or former address if changed since last report.)
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:
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 5.03 Amendments to
Articles of Incorporation or Bylaws; Change in Fiscal Year.
Effective
April 13, 2009, in connection with management's ordinary periodic
review of PMC Commercial Trust's (the "Company") governance
documents, the Board of Trust Managers approved an amendment to the bylaws of
the Company.
In general, the
amendments were to:
•
Delete the prior requirement that the annual
meeting of shareholders be held by a specific date, and instead provides that
the annual meeting of shareholders will be held as and when determined by the
Company's Board of Trust Managers.
•
Provide a maximum limit on the size of the
Company's Board of Trust Managers to 15. This amendment conforms the
bylaws to be consistent with the limitation contained in the Company's
governance guidelines that limits the number of Trust Managers to 15.
•
Limit the ability to fill vacancies on the
Board of Trust Managers to the Company's Board of Trust Managers.
Previously the bylaws permitted the shareholders to fill vacancies on the Board
of Trust Managers at special meetings of the shareholders.
•
Provide that the compensation of the Trust
Managers shall be determined by the Company's compensation committee in
accordance with its charter. The bylaws previously provided that the
Company's Trust Managers would each receive a set fee for each meeting or
committee meeting attended in person.
•
Add advance notice provisions.
The foregoing
description of the amendment to the Company's bylaws is qualified in its
entirety by reference to the First Amendment to the Bylaws of PMC Commercial
Trust adopted and approved by the Board of Trust Managers, a copy of which is
attached and incorporated herein as Exhibit 3.1 to this Current Report on
Form 8-K.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits
3.1
First Amendment to the Bylaws of PMC
Commercial Trust
SIGNATURE
Pursuant to the requirements of
Section 13 or 15 (d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: April 16, 2009
PMC COMMERCIAL TRUST
By:
/s/ Barry N. Berlin
Barry N. Berlin, Chief Financial Officer and
Executive Vice President
EXHIBIT INDEX
Exhibit
Number
Description
3.1
First Amendment to the Bylaws of PMC Commercial Trust