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) July 12, 2010
MANHATTAN BANCORP
(Exact name of registrant as specified in its charter)
California |
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333-140448 |
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20-5344927 |
(State or other
jurisdiction of |
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(Commission File No.) |
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(I.R.S. Employee |
2141 Rosecrans Avenue, Suite 1160, El Segundo, CA 90245
(Address of principal executive offices)
(Zip code)
(310) 606-8000
(Registrants telephone number including area code)
(Former name or former address, if changed since last report) Not applicable
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 July 12, 2010, Ms. Millard joined the Bank of Manhattan (the Bank) as Executive Vice President and Chief Credit Officer. The Bank is a fully-owned subsidiary of Manhattan Bancorp (the Company).
Mr. Millard, age 48, joined the Bank after serving in various capacities at First Federal Bank of California (FFB), most recently as President of the Retail Banking Division, a position she held since 2007. Among her other assignments at FFB, she served as President of the Real Estate Lending Division for three years and as Executive Vice President and Chief Credit Officer from 1994 to 2004.
Ms. Millard received her MBA from the University of Southern California in 2003 and her undergraduate degrees in Business Administration/Finance from California State University, Hayward in 1984.
The Offer Letter provides for the following:
· An initial annual base salary of Two Hundred Five Thousand Dollars ($205,000)
· Bonuses up to 25% of the Executives base salary subject to the approval of the Banks Board of Directors
· Not less than twenty-five (25) days of Paid Time Off
· Options to purchase 30,000 additional shares in the Company subject to the recommendation of the Banks Board of Directors and the approval of the Companys Board of Directors.
· Group health and other insurance benefits on the same terms made available to all salaried employees
Item 9.01 Financial statements and exhibits.
(d) Exhibits.
The following exhibits are filed herewith:
Exhibit No. |
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Description |
99.1 |
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Press Release dated July 13, 2010 |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 14, 2010 |
MANHATTAN BANCORP |
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By: |
/s/ Dean Fletcher |
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Dean Fletcher |
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Executive Vice President |
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and Chief Financial Officer |
Exhibit 99.1
MANHATTAN BANCORP
Contact Information:
Deepak Kumar |
Dean Fletcher |
President/Chief Executive Officer |
Executive Vice President/Chief Financial Officer |
Phone: (310) 606-8000 |
Phone: (310) 606-8000 |
Fax: (310) 606-8090 |
Fax: (310) 606-8090 |
BANK OF MANHATTAN ANNOUNCES APPOINTMENT OF SHANNON MILLARD
LOS ANGELES, CA July 12, 2010 Bank of Manhattan, N.A. (Bank), a wholly-owned banking subsidiary of Manhattan Bancorp (OTCBB: MNHN), announced today the appointment of Shannon Millard as Executive Vice President and Chief Credit Officer of the Bank.
We are excited to have Shannon join us, said Deepak Kumar, the Banks President and Chief Executive Officer. She brings with her a wealth of knowledge and experience and is a great addition to the team. Ms. Millard has over 25 years of banking experience, most recently as President of the Retail Banking Division of First Federal Bank of California. She also served as their Chief Credit Officer for 10 years, as well as held other key positions there and at The Bank of California, N.A. She was a Board member of the California Bankers Association Mortgage Lending Committee and has sat on the board of three wholly-owned subsidiaries of First Federal Bank of California, as well as the YWCA of Santa Monica/Westside.
I am very excited to have joined the Bank of Manhattan team. The Bank has a unique opportunity to truly excel in this market, said Ms. Millard.
Bank of Manhattan, which opened for business on August 15, 2007, is a full service bank headquartered in the South Bay area of Los Angeles, California. The Bank offers through its well established platform, a breadth of products and solutions in the commercial and private banking space. Manhattan Bancorp also operates Banc of Manhattan Capital, LLC, a full service mortgage-centric broker/dealer. Additional information is available at www.BankManhattan.com.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the Companys current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on Bank of Manhattans operating results, ability to attract deposit and loan customers and the quality of Bank of Manhattans earning assets; (2) government regulation; and (3) the other risks set forth in the Companys December 31, 2009 10-K, ITEM 1A. Risk Factors filed with the Securities and Exchange Commission. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
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