-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AqOPlSNl+064BVolpwaoTNEQTVFWtw+t5VigymdG2sYzTfNqVFHZG/x9IkxqtfOm jAIVbRKa6qAhUaamp/Za3w== 0001047469-98-035673.txt : 19980929 0001047469-98-035673.hdr.sgml : 19980929 ACCESSION NUMBER: 0001047469-98-035673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980923 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980928 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGENCY BANCORP CENTRAL INDEX KEY: 0000927718 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770378956 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23815 FILM NUMBER: 98716060 BUSINESS ADDRESS: STREET 1: 7060 N FRESNO CITY: FRESNO STATE: CA ZIP: 93720 BUSINESS PHONE: 2094382600 MAIL ADDRESS: STREET 1: 7060 N FRESNO CITY: FRESNO STATE: CA ZIP: 93720 8-K 1 8-K 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) September 23, 1998 REGENCY BANCORP (Exact name of registrant as specified in its charter) California 000-23815 77-0378956 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 7060 N. Fresno, Fresno, California 93720 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (209) 438-2600 Not Applicable (Former name or former address, if changed since last report). Page 1 of 6 pages The Exhibit Index is on Page 4. 1 Item 5. OTHER EVENTS. The Registrant issued a press release dated September 23, 1998 announcing its intention to repurchase stock and the completion of real estate investment divestiture. The foregoing is qualified by reference to the press release attached as exhibit 99.1 Item 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) FINANCIAL STATEMENTS. Not Applicable. (b) PRO FORMA FINANCIAL INFORMATION. Not Applicable. (c) EXHIBITS. (99.1) Press Release dated September 23, 1998 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REGENCY BANCORP /s/ Steven R. Canfield Date: September 23, 1998 -------------------------------- Steven R. Canfield EVP & CFO 3 EXHIBIT INDEX
Sequential ---------- Exhibit No. Description Page No. ----------- ----------- --------- 99.1 Press Release dated September 23, 1998 5 - 6
4 EX-99.1 2 EX 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Contact: Wil Goodrich, Vice President-Director of Marketing (209) 438-2600 REGENCY BANCORP ANNOUNCES INTENTION TO REPURCHASE STOCK AND COMPLETION OF REAL ESTATE INVESTMENT DIVESTITURE FRESNO, CA, SEPTEMBER 23 -- Regency Bancorp (REFN), parent holding company of Fresno (CA) based Regency Bank and Regency Investment Advisors, Inc., announced today that the company's board of directors has approved a stock repurchase plan. It calls for the acquisition of a portion of the company's outstanding common stock on the open market from time to time, subject to applicable regulatory restrictions. Regency Chairman Steve Hertel said that "the volatile stock market has depressed market values of banks of all sizes and Regency has been no exception. Given the strength of our current and projected earnings, relative to Regency's present market value, we feel that the stock is an extremely attractive investment. While we have no set timetable to acquire shares, nor any specific number of shares to be acquired, we intend to purchase stock on the market as opportunities allow. "Nineteen ninety eight has been an eventful year," he continued, "and we are pleased with our growth and earnings. For the second quarter, we had net income of $628,000, up from $519,000 in the first quarter, and we anticipate enhanced earnings in the third and fourth quarters." 5 The chairman also noted that, "Approximately one year ago, Regency entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Institutions to accomplish a number of tasks including the divestiture of investments in residential real estate of its subsidiary, Regency Service Corporation. We are extremely pleased to announce that Regency accomplished those tasks well ahead of plan. And, as such, the formal agreements have been rescinded. In addition to the regulatory acknowledgment of our company's renewed strength, Regency will now be the beneficiary of reduced FDIC insurance costs in the near future." Regency Bancorp and its subsidiaries have served Fresno and the Central Valley since December of 1980. The company currently provides banking to the greater Fresno market and Madera County through its three branches and has a government-guaranteed loan production office in Modesto. Its stock trades on the Nasdaq National Market System under the symbol REFN with market makers such as: Van Kasper & Co., Hoefer & Arnett, and Sutro & Co., as well as other financial firms. # # # September 23, 1998 CERTAIN MATTERS DISCUSSED IN THIS NEWS RELEASE MAY BE FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED. SUCH RISKS AND UNCERTAINTIES, WHICH COULD IMPACT FUTURE FINANCIAL PERFORMANCE, INCLUDE, AMONG OTHERS, (1) COMPETITIVE PRESSURES IN THE BANKING INDUSTRY; (2) CHANGES IN THE INTEREST RATE ENVIRONMENT; (3) GENERAL ECONOMIC CONDITIONS, EITHER NATIONALLY OR REGIONALLY; (4) CHANGES IN THE REGULATORY ENVIRONMENT; (5) CHANGES IN BUSINESS CONDITIONS AND INFLATION; AND (6) CHANGES IN SECURITIES MARKETS. THEREFORE, THE INFORMATION SET FORTH HEREIN SHOULD BE CAREFULLY CONSIDERED WHEN EVALUATING THE BUSINESS PROSPECTS OF THE COMPANY AND ITS SUBSIDIARIES. 6 -----END PRIVACY-ENHANCED MESSAGE-----