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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: June 29, 1995
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BURLINGAME BANCORP
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California 0-18440 94-2921417
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification No.)
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350 Primrose Road, Burlingame, California 94010
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(Address of principal executive offices)
Registrant's telephone number, including area code: (415) 348-2500
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ITEM 5. OTHER EVENTS.
On June 22, 1995, the Federal Deposit Insurance Corporation (the "FDIC")
terminated the order which had been entered with respect to Burlingame Bank &
Trust Co. (the "Bank"), the wholly owned subsidiary of the Registrant,
Burlingame Bancorp ("Bancorp"), in August 1992. The order has been replaced by a
Memorandum of Understanding (the "MOU") with the FDIC and the California State
Banking Department (the "CSBD"). In the Bank's view the new MOU is recognition
that the Bank has complied with the requirements of the order and that its
condition and operations have improved significantly. The current MOU with the
FDIC and CSBD provides for the Bank to continue to maintain compliance with
regulatory standards, to continue to take affirmative action to improve its
condition and operations, including the reduction in classified assets and
maintenance of adequate loan loss reserves, and to formulate and implement a
profit and strategic plan.
The boards of directors of Bancorp and the Bank are pleased with the
lifting of the order by the FDIC and are confident of meeting all of the terms
of the new MOU. However, compliance will be determined by the FDIC and the CSBD
at the time of subsequent examinations. Bancorp and the Bank have already
implemented many of the items covered by the MOU. The boards of directors do not
anticipate that the items agreed upon with the regulators will interfere with
the Bank's operations since they are consistent with the Bank's own plans and
objectives.
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 thereunto duly authorized.
Date: June 26, 1995 BURLINGAME BANCORP
By: THEODORE H. KRUTTSCHNITT
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THEODORE H. KRUTTSCHNITT
President and Chairman
of the Board
