SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT OF 1934
PROFESSIONAL BANCORP, INC.
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(Exact Name of Registrant as Specified in its Charter
PENNSYLVANIA 0-11223 95-3701137
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
606 BROADWAY, SANTA MONICA, CA 90401
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 310-458-1521
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ITEM 5. OTHER EVENTS
Professional Bancorp, Inc. ("Bancorp") and its wholly-owned subsidiary,
First Professional Bank, N.A. (the "Bank"), have entered into a Settlement
Agreement and Release with St. Paul Mercury Insurance Company ("St. Paul"),
their Directors and Officers Liability insurance carrier. St. Paul paid Bancorp
and the Bank the total amount of $600,000 on December 22, 1997 in settlement of
Bancorp's and the Bank's claim for reimbursement of certain non-recurring
expenses in connection with the 1996 proxy contest and related litigation.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROFESSIONAL BANCORP, INC.
Dated: January 9, 1998 By: /s/ MELISSA LANFRE, Chief Financial Officer
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MELISSA LANFRE, Chief Financial Officer
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