11-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 11-K

xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2007

OR

oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    .

Commission file number 0-10232

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

FIRST REGIONAL BANK 401K PLAN

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

FIRST REGIONAL BANCORP

1801 Century Park East

Los Angeles, CA  90067

FIRST REGIONAL BANK 401(k) PLAN

TABLE OF CONTENTS

		Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006:
Statements of Net Assets Available for Benefits		2
Statements of Changes in Net Assets Available for Benefits		3
Notes to Financial Statements		4-11
SUPPLEMENTAL SCHEDULE PROVIDED PURSUANT TOTHE DEPARTMENT OF LABOR RULES AND REGULATIONS—Form 5500, Schedule H, part IV, Line 4i, Schedule of Assets (Held at End of Year) as of December 31, 2007		12
NOTE:	All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of

First Regional Bank 401(k) Plan

Los Angeles, CA

We have audited the accompanying statements of net assets available for benefits of the First Regional Bank 401(k) Plan (the “Plan”) as of December 31, 2007 and 2006, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of the Plan’s internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2007 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. Such supplemental schedule has been subjected to the auditing procedures applied in our audit of the basic 2007 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

June 16, 2008

Farber Hass Hurley, LLP

Camarillo, California

1

FIRST REGIONAL BANK 401(K) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2007 AND 2006

	2007		2006
ASSETS
INVESTMENTS:
Investments, at fair value (Note 3)	$	16,517,004	$	19,003,657
Participant loans	106,379
Total investments	16,623,383		19,003,657
RECEIVABLES:
Employee Contributions receivable	47,478
Employer Contributions receivable	19,952
Total receivables	67,430		—
Net assets available for benefits, at fair value	16,690,813		19,003,657
Adjustment from fair value to contract value for fully benefit-responsive investment contract	80,879		—
Net Assets Available for Plan Benefits	$	16,771,692	$	19,003,657

See notes to financial statements.

2

FIRST REGIONAL BANK 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006

	2007			2006
ADDITIONS:
Investment income:
Net (depreciation) appreciation in the fair value of investments (Note 3)	$	(4,730,669	)	$	4,698,493
Dividend and interest income	719,674			230,016
Net investment (loss)/ income	(4,010,995		)	4,928,509
Contributions:
Participant contributions and rollovers	1,679,459			1,389,751
Employer contributions	529,524			310,817
Total contributions	2,208,983			1,700,568
Total investment (loss)/income and contributions	(1,802,012		)	6,629,077
DEDUCTIONS:
Benefits paid to participants	424,364			536,400
Plan expenses	5,589			—
Total deductions	429,953			536,400
(DECREASE) INCREASE IN NET ASSETS	(2,231,965		)	6,092,677
NET ASSETS AVAILABLE FOR BENEFITS—Beginning of year	19,003,657			12,910,980
NET ASSETS AVAILABLE FOR BENEFITS—End of year	$	16,771,692		$	19,003,657

See notes to financial statements.

3

FIRST REGIONAL BANK 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2007 AND 2006

1.DESCRIPTION OF THE PLAN

The following description of the First Regional Bank 401(k) Plan (the “Plan”) is provided for general information purposes only.  Participants should refer to the Plan document for more complete information.

General - The Plan is a defined contribution plan covering substantially all employees of First Regional Bank (the “Bank”) who have attained age 18 and have completed one hour of service. The Bank has overall control and authority over the administration of the Plan. The Principal Trust Company (the “Trustee”) serves as the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Plan Amendment - Effective August 1, 2007, the Plan was amended and restated, and the Plan’s third party administrator and the trustee were changed from Wells Fargo Bank, N.A. to The Principal Financial Group. On August 1, 2007, the Plan assets were transferred to The Principal Financial Group funds that most closely resembled the Plan’s existing funds. The conversion initiated a “Black out” period beginning July 26, 2007 and continuing to August 5, 2007. During this period, participants’ elective contributions continued to be invested.

Contributions - Effective January 1, 2007 participants may contribute up to 100% of their pretax annual compensation, as defined in the Plan, subject to certain Internal Revenue Code limitations. Also, effective January 1, 2007, the Bank contributes 100% of the first 3% of base compensation that a participant contributes and 50% of the next 2% of base compensation that a participant contributes to the Plan, which qualifies under safe harbor provisions. Prior to January 1, 2007, participants were allowed to contribute up to 15% of their pretax annual compensation, as defined in the Plan, subject to certain Internal Revenue Code limitations. Also prior to January 1, 2007, the Bank contributed 25% of the first 3% of base compensation that a participant contributed and 75% of the next 3% of base compensation that a participant contributed to the Plan.

Additional amounts may be contributed at the discretion of the Bank’s board of directors. No such additional discretionary contributions were made for the years ended December 31, 2007 and 2006.  Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants who have attained age 50 before the end of the year are eligible to make “Catch-up Contributions” to the Plan. Catch-up contributions are not matched by the Bank.

Vesting of Benefits – Participants are fully vested in their contributions plus actual earnings thereon at all times.  As of January 1, 2007, all participants are 100% vested in the Bank’s matching contribution, the Bank discretionary contribution and actual earnings thereon. Prior to January 1, 2007 vesting in the Bank’s contribution portion of their accounts was based on years of service. Participants were 100% vested after three years of credited service.

4

Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Bank’s matching contribution and allocations of Bank discretionary contributions, participant forfeitures, and Plan earnings, and charged with withdrawals and an allocation of Plan losses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account balance.

Investments - Participants direct their account balances into various investment options offered by the Plan. As of January 1, 2007, employer contributions are allocated as directed by the participants.  The Plan offers various mutual fund investment options, the First Regional Bancorp common stock and a guaranteed investment contract (see Note 5).

Payment of Benefits -On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account or installment payments (annually, quarterly or monthly) over a specified period of time, not to exceed the participant’s life expectancy (or the joint expectancy of the participant and the participant’s designated beneficiary). For termination of service for other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

Forfeitures - Prior to January 1, 2007, forfeitures of matching contributions were to be reallocated as a discretionary matching contribution for the Plan year in which the forfeiture occurs. At December 31, 2006, forfeited non-vested accounts totaled $45,286.  During calendar year 2007, all remaining forfeitures were reallocated to participants in proportion to their relative account balances. At December 31, 2007 there were no remaining unallocated forfeitures.

Participant Loans – Participant loans are permitted in accordance with terms specified in the Plan document.  Participants may borrow from their fund accounts up to a maximum amount equal to the lesser of $50,000 or 50% of their vested account balance. The loans are secured by 50% of the vested balance in the participants’ accounts. Principal and interest is paid ratably through semi-monthly payroll deductions. Participant loans outstanding at December 31, 2007 were earning interest at rates ranging from 7.25% to 8.25% per annum.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting -The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility.

Risks and Uncertainties – The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rates and market and credit risks.  Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

5

The Plan invests through mutual funds in the securities of foreign companies, which involve special risks and considerations not typically associated with investing in U.S. companies.  These risks include devaluation of currencies, less reliable information about issuers, different securities transaction clearance and settlement practices, and possible adverse political and economic developments.  Moreover, securities of many foreign companies and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies.

At December 31, 2007 and 2006, approximately 32% and 65%, respectively, of the Plan’s assets consisted of First Regional Bancorp’s common stock.

An investment in First Regional Bancorp common stock is subject to certain risk factors, as described under “Risk Factors” in the Annual Report on Form 10-K of First Regional Bancorp for the year ended December 31, 2007.  A copy of the 10-K is available at www.sec.gov, or will be provided free of charge upon request to First Regional Bancorp, 1801 Century Park East, Suite 800, Los Angeles, CA 90067.

Investment Valuation and Income Recognition - The Plan’s investments are stated at their fair value measured by quoted market prices or the quoted market prices of the underlying investments.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis. Plan expenses are shown as a separate line item in the statement of changes in net assets.

As described in Financial Accounting Standards Board (FASB) Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investments Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Pension Plans (the FSP), investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.  In 2007, the Plan entered into a fully benefit-responsive investment contract with Principal Life Insurance Company and the adjustment from fair value to contract value for fully benefit-responsive investment contracts is presented on the statements of net assets available for benefits.

Net Appreciation (Depreciation) in Fair Value of Investments – Realized and unrealized appreciation (depreciation) in the fair value of investments is based on the difference between the value of the assets at the beginning of the year, or at the time of purchase for assets purchased during the year, and the related fair value on the day investments are sold with respect to realized appreciation (depreciation) or on the last day of the year for unrealized appreciation (depreciation).

Realized and unrealized appreciation is recorded in the accompanying Statement of Changes in Net Assets Available for Benefits as “Net appreciation (depreciation) in fair value of investments”.

Administrative Expenses — Administrative expenses of the Plan are paid by the Bank as provided in the Plan document.

6

Funding Policy – The employer funds matching contributions along with employee salary deferrals at each semi-monthly payroll.

Payment of Benefits—Benefit payments to participants are recorded upon distribution. At December 31, 2007 and 2006, there were no amounts allocated to accounts of persons who had elected to withdraw from the Plan but had not yet been paid.

3.INVESTMENTS

The Plan’s investments that represented 5% or more of the Plan’s net assets available for benefits are as follows as of December 31:

	Number of
	Units	Value
2007
Wells Fargo Fund Management	82,109	$	1,865,510
Principal Global Investors	151,570	1,568,748
Capital Research and Mgmt Co / Europacific Growth FD	62,368	1,202,461
Capital Research and Mgmt Co / American Growth FD	26,166	1,312,505
Fixed Income Guaranteed Option	156,543	1,617,586
First Regional Bancorp Stock	277,422	5,240,507
2006
Wells Fargo Collective Stable Return Fund	30,828	$	1,222,676
First Regional Bancorp Stock Fund	406,092	12,440,143
Wells Fargo Advantage Index Fund	26,937	1,501,467
Columbia Acorn Select Fund	50,160	1,333,766

The Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows for the years ended December 31:

7

	2007			2006
PIMCO Low Duration Fund				$	(3,835	)
Wells Fargo Limited Term Government Income Fund				0
Columbia Balanced Fund				(3,755		)
Wells Fargo Collective Short-Term Investment Fund				0
Neuberger Berman Guardian Fund				(11,404		)
Wells Fargo Collective S&P 500 Index Fund				(11,869		)
Westcore MIDCO Growth Fund				(31,248		)
Franklin Templeton Foreign Fund				(16,383		)
Columbia Mid Cap Growth Fund				(29,299		)
Wells Fargo Collective Asset Allocation Fund				(13,974		)
Wells Fargo Advantage Short Duration Government Bond Fund				(1,012		)
Wells Fargo Collective Stable Return Fund	$	42,990		29,399
PIMCO Real Return Fund	4			(137		)
Dodge & Cox Income Fund	(3,115		)	821
Wells Fargo Advantage High Income Fund	(4,141		)	940
Oakmark Equity & Income Fund	47,238			16,517
Goldman Sachs Mid Cap Value Fund	470			5,783
Oakmark Fund	50,517			7,184
Wells Fargo Advantage Index Fund	20,751			155,718
Wells Fargo Collective S&P Midcap Index Fund	(18,987		)	13,580
Columbia Acorn Select Fund	11,557			185,011
American Funds Growth Fund of America	166,562			6,484
Goldman Sachs Small Cap Value Fund	(6,602		)	1,405
Columbia Acorn USA Fund	(8,287		)	3,867
RS Investments Partners Fund	(89		)	2,577
American Funds Europacific Growth Fund	97,555			66,593
SSGA Dow Jones Target Today Fund	23			5
SSGA Dow Jones Target 2015 Fund	172			47
SSGA Dow Jones Target 2025 Fund	3793			78
SSGA Dow Jones Target 2035 Fund	772			274
SSGA Dow Jones Target 2045 Fund	4			0
First Regional Bancorp Stock / Stock Fund	(4,699,915		)	4,325,126
MFS High- Yield OPP A Fund	(2,113		)
Principal Global Investors- Bond and Mtg	(1,518		)
American Funds Am Bal R4 Fund	(22,305		)
Principal Inv Lifetime STR Inc	(61		)
Principal Inv Lifetime 2010 Pref Fund	(5,227		)
Principal Inv Lifetime 2020 Pref Fund	(8,754		)
Principal Inv Lifetime 2030 Pref Fund	(6,627		)
Principal Inv Lifetime 2040 Pref Fund	(5,597		)
Principal Inv Lifetime 2050 Pref Fund	(2,600		)
Alliance Berstein LP Largecap Value Pref Fund	(39,139		)
American Funds Growth Fund of Am R4 Fund	(31,192		)
Prin Inv S&P 500 IDX Pref Fund	(28,009		)
Prin Inv S&P 600 IDX Pref Fund	(19,604		)
Fidelity ADV Small Cap T Fund	1,531
Goldman Sachs Mid Cap Value I Pref Fund	(39,421		)
Goldman Sachs Mid Cap Value A Fund	(634		)
Alliance Bernstein LP Small cap Value Pref Fund	(3,079		)
Neuberger Berman Mid Cap Value Pref Fund	(12,661		)
Neuberger Berman Soc Resp TR Fund	(7,037		)
JP Morgan Small Cap Value I Pref Fund	(19,437		)
Principal Global Investors- Mid Cap Blend	(26,329		)
Wells Fargo Advantage Discovery Inv Fund	(177,625		)
American Funds Euro Pacific Growth R4 Fund	(31,254		)
Fixed Guaranteed Option	56,751
Net appreciation in fair value of investments	$	(4,730,669	)	$	4,698,493

8

4.NONPARTICIPANT-DIRECTED INVESTMENTS

Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows as of and for the year ended December 31, 2006:

Net assets—First Regional Bancorp Stock Fund	$	12,440,143
Changes in net assets:
Net appreciation	4,325,126
Employer contribution	310,817
Participant contribution	271,852
Rollover	28,207
Benefits paid to participants	(404,073		)
Net transfers	(1,124,788		)
Net change	3,407,141
First Regional Bancorp Stock Fund—beginning of year	9,033,002
First Regional Bancorp Stock Fund—end of year	$	12,440,143

Effective January 1, 2007 employer contributions are allocated as directed by the participant, see Note 1.

5.GUARANTEED INVESTMENT CONTRACTS

In 2007, the Plan invested in a benefit-responsive group annuity contract with Principal Life Insurance Company (“Principal”). Principal maintains the contributions in a general account. The account is credited with a fixed rate of interest and charged for participant withdrawals and administrative expenses. The investment contract is included in the financial statements at contract value as reported to the plan by Principal. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the plan.

As described in Note 2, because the guaranteed investment contract is fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for benefits attributable to the guaranteed investment contract.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The fair value of the investment contract at December 31, 2007 was $1,617,586. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 3 percent. Such interest rates are reviewed on a semiannual basis for resetting.

9

Certain events limit the ability of the plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan sponsor or other Plan sponsor events that cause a significant withdrawal from the Plan, or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan administrator does not believe that any events which would limit the Plan’s ability to transact at contract value with participants are probable of occurring.

The guaranteed investment contract does not permit the insurance company to terminate the agreement prior to the scheduled maturity date.

Average yields:	2007
Based on actual earnings	3.94	%
Based on interest rate credited to participants	3.94	%

6.EXEMPT RELATED PARTY TRANSACTIONS

The Bank and the Plan Trustees are parties-in-interest as defined by ERISA. Certain Plan investments are shares of mutual funds managed by Wells Fargo Bank, N.A., or The Principal Financial Group.  Wells Fargo Bank, N.A. is the trustee as defined by the Plan for 2006 through July 31, 2007. The Principal Trust Company is the trustee as defined by the Plan as amended at August 1, 2007, and therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.

At December 31, 2007 and 2006, the Plan’s First Regional Bancorp common stock / Stock Fund held 277,422 and 406,092 shares, respectively, of common stock of First Regional Bancorp, the bank holding company of the sponsoring employer.  First Regional Bancorp’s common stock split three-for-one effected August 2006.

Loans receivable from plan participants and the related interest income are also considered party-in-interest transactions.

Fees paid by the Bank to the Trustee for administrative expenses amounted to $28,841 and $41,139 for the years ended December 31, 2007 and 2006, respectively.

These transactions qualify as party-in-interest transactions permitted under Section 408(b)(8) of the Internal Revenue Code.

7.PLAN TERMINATION

Although it has not expressed any intention to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would be 100% vested in their accounts.

10

8.FEDERAL INCOME TAX STATUS

The Plan uses a prototype plan document sponsored by Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. received an opinion letter from the Internal Revenue Service (“IRS”) dated August 30, 2001, which states that the prototype document satisfies the applicable provisions of the Internal Revenue Code (“IRC”). The Plan itself has not received a determination letter from the IRS. Although the Plan has been amended in 2007 to comply with regulatory requirements and for minor administrative items, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the financial statements.

9.SUBSEQUENT EVENTS

Change in Asset Value – Since December 31, 2007, the per unit value of First Regional Bancorp’s common stock has declined approximately 57%.

11

SUPPLEMENTAL SCHEDULE PROVIDED PURSUANT TO
THE DEPARTMENT OF LABOR RULES AND
REGULATIONS

12

FIRST REGIONAL BANK 401(k) PLAN   95-3408403

FORM 5500, SCHEDULE H, PART IV, LINE 4i,

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2007

	b.			e.
	Identity of Issue, Borrower,	c.	d.	Current
a.	Lessor or Similar Party	Description of Investment	Cost	Value
*	WELLS FARGO FUND MANAGEMENT	WELL FAR ADTG DISC INV FUND	**	$	1,865,509.67
	FIDELITY MANAGEMENT & RESEARCH	FIDELITY ADV SMALL CAP T FUND	**	136,430.81
*	PRINCIPAL GLOBAL INVESTORS	MIDCAP BLEND PREF FUND	**	302,987.37
*	PRINCIPAL GLOBAL INVESTORS	S&P 500 IDX PREF FUND	**	1,568,748.33
	ALLIANCEBERNSTEIN LP	LARGECAP VALUE PREF FUND	**	297,248.50
	ALLIANCEBERNSTEIN LP	SMALLCAP GROWTH I PREF FUND	**	58,754.04
	NEUBERGER BERMAN/JACOBS LEVY	MIDCAP VALUE PREF FUND	**	310,677.89
*	PRINCIPAL GLOBAL INVESTORS	S&P 600 IDX PREF FUND	**	154,245.08
*	PRINCIPAL GLOBAL INVESTORS	BOND AND MTG SECS PREF FUND	**	419,087.03
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LIFETIME 2010 PREF FD	**	96,891.34
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LIFETIME 2020 PREF FD	**	166,546.40
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LIFETIME 2030 PREF FD	**	144,139.84
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LIFETIME 2040 PREF FD	**	114,292.88
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LIFETIME 2050 PREF FD	**	36,806.12
*	PRIN MGMT CORP / PRIN GLOBAL INV	PRIN INV LFTM STR INC PREF FD	**	1,177.07
	MFS INVESTMENT MANAGEMENT	MFS HIGH-YIELD OPP A FUND	**	127,067.34
	CAPITAL RESEARCH AND MGMT CO	AM FDS AM BAL R4 FUND	**	1,202,461.04
	CAPITAL RESEARCH AND MGMT CO	AM FDS EUROPACIFIC GRTH R4 FD	**	1,312,505.05
	CAPITAL RESEARCH AND MGMT CO	AM FDS GRTH FD OF AM R4 FUND	**	764,617.40
	JP MORGAN/MELLON CAPITAL MGMT	SMCAP VALUE I PREF FUND	**	122,075.95
	GOLDMAN SACHS ASSET MGT	GOLDMAN SACH MID-CAP VALUE A	**	7,296.15
	NEUBERGER BERMAN MGMT. INC.	NEUB BERM SOC RESP TR FUND	**	226,622.47
*	PRIN MGMT CORP	FIXED INCOME GUARANTEED OPTION	**	1,617,585.86
*	FIRST REGIONAL BANCORP	FRB COMMON STOCK	**	5,240,507.00
	GOLDMAN SACHS / LA CAPITAL MGMT	MIDCAP VALUE I PREF FUND	**	303,602.69
*	PARTICIPANT LOANS	Interest rates range from 7.25 to 8.25%	**	106,379.00
	Total			$	16,704,262.32

*	Party-in-interest as defined by ERISA.
**	Cost omitted for participant directed investments.
	The Fixed Income Guaranteed Option has been valued at contract value for purposes of this supplemental schedule.

13

SIGNATURE

The Plan.Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned herunto duly authorized.

Date:	June 30, 2008
		FIRST REGIONAL BANK 401(k) PLAN
		BY:	/s/ Thomas McCullough
		Thomas McCullough
		Authorized Signatory

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-116916 of First Regional Bancorp on Form S-8 of our report dated June 16, 2008, appearing in this Annual Report on Form 11-K of First Regional Bank 401(k) Plan for the years ended December 31, 2007 and December 31, 2006.

/s/ Farber Hass Hurley, LLP

Camarillo, California

Los Angeles, California

June 27, 2008