|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FREEDOM INVESTMENT TRUST, NSAR-A, 1996-06-28 |
Next: FIRST INDEPENDENCE CORP, 10KSB, 1996-06-28 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Year Ended December 31, 1995
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
Ventura County National Bancorp
500 Esplanade Drive
Oxnard, CA 93030
-1-
<PAGE>
Item 1. Changes in the Plan
Effective July 1, 1994 the following changes were made to the Plan:
1. Dai-Ichi Kangyo Bank of California is the Plan trustee and Planned Member
Services is recordkeeper.
2. Employees shall become a participant in the Plan on the first day of January,
April, July and October following or coinciding with ninety days of service.
3. The vesting schedule is as follows:
<TABLE>
<CAPTION>
Years of Vested
Vesting Service Percentage
<S> <C>
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%
</TABLE>
Effective October 24, 1995 the following change was made to the Plan:
1. Cole Taylor Bank of California is the Plan trustee and BSI is the
recordkeeper.
Item 2. Changes in Investment Policy
- -not applicable-
-2-
<PAGE>
Item 3. Contributions Under the Plan
The Issuer, Ventura County National Bancorp, has made the following
contributions since the inception of the Plan:
<TABLE>
<CAPTION>
Plan Period Contribution
<S> <C>
For the twelve months ended September 30, 1988 $ 66,761
For the twelve months ended September 30, 1989 120,567
For the twelve months ended September 30, 1990 844,927
For the three months ended December 31, 1990 216,501
For the twelve months ended December 31, 1991 801,590
For the twelve months ended December 31, 1992 755,178
For the twelve months ended December 31, 1993 736,452
For the twelve months ended December 31, 1994 47,434
For the twelve months ended December 31, 1995 666,897
</TABLE>
The Plan received contribution commitments from the Issuer in the amount of
$626,479 during 1995 which settled all contribution requirements of the note
payable. As a result, the Plan Trustee paid off the note payable to the Issuer,
and all of the shares previously held in the unallocated account, which totaled
185,840 shares as of December 31, 1994, were released to the eligible plan
participants in 1995.
Item 4. Participating Employees
As of December 31, 1995 and 1994, there were 118 and 139 employees participating
in the Plan, respectively.
-3-
<PAGE>
Item 5. Administration of the Plan
a. The names and addresses of the persons who administer the Plan, the
capacity in which they act, and their positions or offices with the
issuer are as follows:
Administrative Committee:
<TABLE>
<CAPTION>
<S> <C>
Richard S. Cupp CEO/President, Ventura County National Bancorp
Kathie Kellogg CEO/President, Frontier Bank, N.A. *
Simone Lagomarsino Senior Vice President, Ventura County National Bancorp
Pat Richards Vice President, Ventura County National Bank *
Mark Dufresne Vice President, Ventura County National Bank *
Rose Ward-Jeffrey Human Resource Manager, Ventura County National Bancorp
Heather Kennedy Senior Vice President, Frontier Bank, N.A. *
</TABLE>
* a wholly owned subsidiary of Ventura County National Bancorp.
The address for all of the above is:
Ventura County National Bancorp
500 Esplanade Drive
Oxnard, CA 93030
b. None of the above received any compensation from the Plan for services in
any capacity during the last fiscal year.
Trustee:
<TABLE>
<S> <C>
Trustee: January 1, 1994 - June 30, 1994 Trustee: July 1, 1994 - October 23, 1995
Danielson Trust Company Dai-Ichi Kangyo Bank of California
The address for the above trustee is: The address for the above trustee is:
P.O. Box 86344 555 West Fifth Street
San Diego, California 92138-6344 Los Angeles, CA 90013-3033
Trustee: October 24, 1995 - December 31, 1995
Cole Taylor Bank
The address for the above trustee is:
Trust Operations Center
850 W. Jackson Blvd.
Chicago, Illinois 60607
</TABLE>
-4-
<PAGE>
Item 6. Custodian of Investments
a. The name, address and business of the custodian of the securities and
investments of the Plan was Danielson Trust Company, P.O. Box 86344, San
Diego, CA 92138-6344, from January 1, through June 30, 1994. The name,
address and business of the custodian of the securities and investments
of the Plan was Dai-Ichi Kangyo Bank of California, 555 West Fifth
Street, Los Angeles, CA 90013-3033 from July 1, 1994 through October 23,
1995. The name, address and business of the custodian of the securities
and investments of the Plan is Cole Taylor Bank, Trust Operation Center, 850
W. Jackson Blvd., Chicago, IL 60607 from October 24, 1995 to December 31,
1995.
b. The above custodians received no compensation from the Plan for services
rendered in any capacity during the years ended December 31, 1995 and 1994.
Item 7. Reports to Participating Employees
Each employee received a Certificate of Plan Participation during May 1996, for
the year ended December 31, 1995. The Participant Certificate sets forth the
status of the individual's accounts as of the end of the Plan year. A Summary
Annual Report ("SAR") is distributed annually to each participant. The SAR
summarizes the operations for the Plan year and explains participant's rights.
Item 8. Investment of Funds
- - not applicable -
-5-
<PAGE>
Item 9. Financial Statements and Supplemental Schedules
<TABLE>
<CAPTION>
Page
<S> <C>
I. Independent Auditors' Report 7-8
II. Financial Statements:
Statements of Net Assets Available for Plan Benefits,
December 31, 1995 and 1994 9
Statements of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31, 1995, 1994, and 1993 10
Notes to the Financial Statements 11-18
III. Supplemental Schedules:
Schedule of Assets Held for Investment Purposes, December 31, 1995 19
Schedule of Reportable Transactions for the Year Ended December 31, 1995 20
</TABLE>
Signatures:
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the Administrative Committee has duly caused this annual report to be signed on
its behalf by the undersigned thereunto duly authorized.
Ventura County National Bancorp 401(k)/
Employee Stock Ownership Plan
Date: _______________________________
_____________________________________
Simone Lagomarsino / Senior Vice President
_____________________________________
Richard S. Cupp / CEO/President
-6-
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustee of the Ventura County National Bancorp
401(k)/Employee Stock Ownership Plan
Oxnard, California:
We have audited the accompanying statements of net assets available for plan
benefits of the Ventura County National Bancorp 401(k)/Employee Stock Ownership
Plan (the "Plan") as of December 31, 1995 and 1994, and the related statements
of changes in net assets available for plan benefits for the years ended
December 31, 1995, 1994, and 1993. 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 generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
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, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 1995 and 1994, and the changes in net assets available for plan
benefits for the years ended December 31, 1995, 1994, and 1993 in conformity
with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1) assets
held for investment purposes at December 31, 1995 and (2) reportable
transactions for the year ended December 31, 1995 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but are supplementary information required by
<PAGE>
the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
Deloitte & Touche LLP
Los Angeles, California
June 21, 1996
<PAGE>
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995 AND 1994
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
December 31,
----------------------------------------
1995 1994
<S> <C> <C>
ASSETS:
Investments:
Mutual funds $ 698,860 $ 543,831
Common stock:
Allocated 1,310,051 503,271
Unallocated 406,525
Money market funds 82,532 131,671
Participant loans 53,481 35,797
---------- ----------
Total investments 2,144,924 1,621,095
Receivable -
Contribution from VCNB 626,479
---------- ----------
Total assets 2,771,403 1,621,095
---------- ----------
LIABILITIES:
Accrued liabilities 232,972 106,642
Notes payable 393,507 1,555,154
---------- ----------
Total liabilities 626,479 1,661,796
---------- ----------
NET ASSETS (DEFICIT) AVAILABLE FOR PLAN BENEFITS $2,144,924 $ (40,701)
========== ==========
</TABLE>
See notes to financial statements.
-9-
<PAGE>
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------------
1995 1994 1993
<S> <C> <C> <C>
ADDITIONS:
Investment income:
Net appreciation (depreciation) in value of investments $ 671,563 $ 66,381 $(734,507)
Interest and dividends 29,629 26,109 6,705
---------- ---------- ---------
Total investment income(loss) 701,192 92,490 (727,802)
Other Income -
Forfeitures reallocated 2,982 170,059 28,908
Contributions:
Employer 666,897 47,434 736,452
Employee 205,700 215,067 211,424
---------- ---------- ---------
Total additions 1,576,771 525,050 248,982
---------- ---------- ---------
DEDUCTIONS:
Benefit payments 507,202 758,084 215,687
Interest expense 126,330 106,642 111,891
Forfeitures 176,332 57,118
---------- ---------- ---------
Total deductions 633,532 1,041,058 384,696
---------- ---------- ---------
TRANSFERS AND ROLLOVERS 80,739 14,688
---------- ---------- ---------
NET INCREASE(DECREASE) BEFORE
EXTRAORDINARY ITEM AND CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING PRINCIPLE 1,023,978 (501,320) (135,714)
EXTRAORDINARY ITEM: GAIN RECOGNIZED
FROM FORGIVENESS OF DEBT 1,161,647
CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE 50,422
---------- ---------- ---------
NET INCREASE (DECREASE) 2,185,625 (501,320) (85,292)
NET (DEFICIT) ASSETS AVAILABLE FOR BENEFITS:
Beginning of year (40,701) 460,619 545,911
---------- ---------- ---------
End of year $2,144,924 $ (40,701) $ 460,619
========== ========== =========
</TABLE>
See notes to financial statements
-10-
<PAGE>
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
1. PLAN DESCRIPTION AND RELATED INFORMATION
The following description of the Ventura County National Bancorp
401(k)/Employee Stock Ownership Plan (the "Plan") is provided for general
information purposes only. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
General - The Plan is a defined contribution 401(k) and Employee Stock
Ownership Plan (ESOP) covering all employees of Ventura County National
Bancorp (the "Company"), Ventura County National Bank and Frontier Bank,
N.A. who have completed 90 days of service and are age twenty-one or older
prior to January, April, July and October of each Plan year. The Plan was
adopted on October 1, 1987 to allow eligible employees to acquire a
proprietary interest in common stock of the Company as well as help meet
their retirement and other future needs. The Plan also permits employees to
defer part of their salaries for savings on a pretax basis. The Internal
Revenue Service has determined that it is a qualified plan and is subject
to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Administration - The Company is the plan administrator and is responsible
for the filing of all reports required of the Plan, and has paid all
expenses related to the administration of the Plan during the years ended
December 31, 1995, 1994 and 1993.
Contributions - Contributions to the Plan can be made under the following
provisions:
Salary Deferral (Pretax) Contributions - Pursuant to Section 401(k) of
the Internal Revenue Code (the "Code"), each participant may
contribute, on a pretax basis, from 1% to 12% of his or her base
compensation to the Plan. Total individual contributions in calendar
years 1995, 1994 and 1993 were limited to $9,500, $9,240 and $8,994,
respectively.
Employer Non-elective Matching Contribution - The Company may make a
discretionary matching contribution equal to a percentage of the
employee's elected contribution.
Employer Non-elective ESOP Contribution - The Company may make a
discretionary contribution to the Plan which is designated to be used
to purchase the Company's common stock. In 1995, the Company
contributed $626,479 as part of the loan write-down agreement (see
note 5). No non-elective ESOP contributions were made in 1994.
-11-
<PAGE>
The employer's annual contribution to the Plan is not guaranteed and, as
defined in the Plan agreement, may not exceed the lessor of 25% of total
compensation or $30,000 per employee.
Participant Accounts - Separate accounts are maintained for each participant.
Each participant employee is credited with his or her contribution and an
allocation of the Employer's Non-elective Matching and ESOP contribution, as
well as investment earnings of the Plan. 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 vested
account.
Vesting - Participants are immediately vested in their voluntary contributions
plus actual earnings thereon. The Plan was amended during 1994 to allow for
accelerated vesting in the Company's contributions, which is based on years of
credited service, as shown in the following table:
<TABLE>
<CAPTION>
Vested Interest
Years of In Company's
Vesting Service Contributions
<S> <C>
Less than 1 0%
1 20%
2 40%
3 60%
4 80%
5 100%
</TABLE>
Investment Options - Upon enrollment in the Plan, a participant may direct
his/her contributions in any available investment options. Participants may
change their investment options quarterly.
Loans to Participants - Participants may obtain loans from the Plan with
consent of the plan administrator. Generally, a participant may borrow the
lesser of $50,000 or 50% of his or her vested account balance. The repayment
period of the loan cannot exceed five years, except for loans used to acquire
a principal residence. Interest rates are established by institutional lenders
at prevailing interest rates.
Benefit Payments - On termination of service due to death, disability or
retirement, a participant may elect to receive his or her distribution in a
lump-sum payment or in monthly, quarterly, or annual installments.
Plan Termination - Although it has not expressed any intent to do so, the
Company has the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA. In the
event of Plan termination, participants will become 100% vested in their
accounts.
-12-
<PAGE>
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The Plan's financial statements are presented on the
accrual basis of accounting.
Investment Valuation and Income Recognition - Investments are stated at
fair value. Investments in mutual funds are stated at quoted extended
market prices. Investments in common stock are stated at the last publicly
quoted sales price or the bid price if not traded on a stock exchange.
Purchases and sales are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend
date.
Benefit Payable - In 1993, the Plan changed its method of accounting for
benefits payable to comply with the 1993 AICPA Audit and Accounting Guide,
Audits of Employee Benefit Plans, which requires that benefits payable to
persons who have withdrawn from participation in a defined contribution
plan be disclosed in the footnotes to the financial statements rather than
be recorded as a liability of the Plan. Net assets available for plan
benefits at December 31, 1995 and 1994 include $164,799 and $130,000,
respectively, for participants who have withdrawn from the Plan but have
not yet been paid their vested benefits.
Reclassification - Certain reclassifications have been made to the 1994
financial statements in order to conform to the 1995 financial statement
presentation.
-13-
<PAGE>
3. INVESTMENTS
The Plan's investments are held by a trust company. The following table
presents investments. Investments that represent 5% or more of the Plan's
net assets are separately identified.
<TABLE>
<CAPTION> December 31,
---------------------------------------------
1995 1994
<S> <C> <C>
Investments at Estimated Fair Value
Cash Account $ 1,898
Ventura County National Bancorp - Stock Liquidity Fund 23,353
Federated Auto Cash Management Fund 57,281 $ 14,875
Ventura County National Bancorp - Open Fund 116,796
---------- ----------
Total Money Market Funds 82,532 131,671
Participant loans 53,481 35,797
Investments at Fair Value as Determined
by Quoted Market Price
Ventura County National Bancorp Common Stock:
Allocated 1,310,051 503,271
Unallocated 406,525
---------- ----------
Total Ventura County National Bancorp Common Stock 1,310,051 909,796
Mutual Funds:
Federated Capital Preservation Fund 1,353 3,051
Federated Income Trust Fund 72,677 11,524
Federated Short-Term Government Fund 80,818 9,928
Federated Stock Trust Fund 8,311 2,060
Federated Growth Trust Fund 4,838 685
Federated Middle Cap Fund 170,377 21,926
Federated Minimum Cap Fund 167,255 14,691
Federated Maximum Cap Fund 101,256 23,767
Federated International Equity Fund 57,783 12,254
Federated Managed Income Fund Select 1,051
Federated Managed Growth/Income Fund 5,280
Federated Managed Growth Fund 17,190
Federated Managed Aggressive Growth Select Shares 10,671
Fidelity Retirement Growth Fund 178,257
Fidelity Spartan Fund 81,478
Fidelity Fund 179,239
Federated Master Trust Fund 4,971
---------- ----------
Total Mutual Funds 698,860 543,831
---------- ----------
Total investments $2,144,924 $1,621,095
========== ==========
</TABLE>
-14-
<PAGE>
4. TAX STATUS
The Internal Revenue Service has determined and informed the Company by
letter dated July 27, 1995 that the Plan is designed in accordance with
applicable sections of the Internal Revenue Code ("IRC").
5. NOTE PAYABLE AND EXTRAORDINARY ITEM
On October 15, 1989, the Plan borrowed $4,000,000 from the Company, which
was used to purchase 444,444 shares of the Company's common stock at a
price of $9.00 per share. Purchased shares were maintained in a suspense
account, pledged as collateral for the note payable and were used to
establish the ESOP. Shares were released for allocation to individuals
based on the ratio of current year principal and interest payments to total
current and future principal and interest payments. The loan was payable in
equal monthly installments of $47,619 plus interest on the outstanding
principal balance equal to 75% of the lender's base rate (8.5% at December
31, 1995) plus 1.5%. Payments on the loan were funded by contributions from
the Company. The Company suspended contributions during 1994.
The Company wrote down the note by $1,161,647 in 1995, and signed an
agreement to contribute the remaining $626,479 to pay off the loan and
accrued interest. The contribution was made in January 1996 for the year
ending December 31, 1995. All remaining shares of stock were released for
allocation in 1995 to participants who were eligible.
6. NET ASSETS BY FUND
The changes in net assets for each of the 401(k)/ESOP funds for the years
ended December 31, 1995, 1994 and 1993 are reflected in the following
schedules:
-15-
<PAGE>
INFORMATION REGARDING CHANGES IN NET ASSETS BY FUND - 1995
<TABLE>
<CAPTION>
401(k)
-----------------------------------------------------------------------------------
Federated Fidelity Federated
Auto Cash Retirement Fidelity Master
Cash Management Loan Fidelity Growth Spartan Trust
Account Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net appreciation (depreciation) $ - $ - $ - $19,190 $14,222 $6,628 $ -
Interest and dividends 9 1,789 - 1,559 1,866 2,911 -
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Investment Income (Loss) 9 1,789 - 20,749 16,088 9,539 -
Forfeitures reallocated - 2,144 - - - - -
Contributions:
Employer 99 1,865 - - - - -
Employee 1,688 9,001 - - - - -
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 1,796 14,799 - 20,749 16,088 9,539 -
----------- ----------- ----------- ----------- ----------- ----------- -----------
DEDUCTIONS:
Benefit payments - 9,523 30,712 - - - -
Interest expense - - - - - - -
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Deductions - 9,523 30,712 - - - -
----------- ----------- ----------- ----------- ----------- ----------- -----------
TRANSFERS:
Between funds and rollovers 102 37,130 48,396 (199,988) (194,345) (91,017) (4,971)
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE)
BEFORE EXTRAORDINARY ITEM 1,898 42,406 17,684 (179,239) (178,257) (81,478) (4,971)
EXTRAORDINARY ITEM:
GAIN RECOGNIZED FROM
FORGIVENESS OF DEBT - - - - - - -
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 1,898 42,406 17,684 (179,239) (178,257) (81,478) (4,971)
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of Year 14,875 35,797 179,239 178,257 81,478 4,971
----------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $1,898 $57,281 $53,481 $ - $ - $ - $ -
=========== =========== =========== =========== =========== =========== ===========
<CAPTION>
401(k)
-----------------------------------------------------------------------------------
Federated Federated Federated Federated Federated Federated Federated
Short-Term Capital Income Maximum Stock Middle Growth
Government Preservation Trust Capital Trust Capital Trust
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net appreciation (depreciation) $ 821 $ 13 $ 3,116 $11,400 $ 954 $17,220 $ 9
Interest and dividends 2,467 213 2,633 1,775 673 1,884 958
----------- ------------ ----------- ----------- ----------- ----------- -----------
Total Investment Income (Loss) 3,288 226 5,749 13,175 1,627 19,104 967
Forfeitures reallocated (143) - - (244) - - -
Contributions:
Employer 3,349 630 3,597 6,853 499 8,266 268
Employee 13,164 2,644 14,283 31,668 3,014 37,578 1,110
----------- ------------ ----------- ----------- ----------- ----------- -----------
Total additions 19,658 3,500 23,629 51,452 5,140 64,948 2,345
----------- ------------ ----------- ----------- ----------- ----------- -----------
DEDUCTIONS:
Benefit payments 33,855 - 41,538 70,667 - 73,295 -
Interest expense - - - - - - -
----------- ------------ ----------- ----------- ----------- ----------- -----------
Total Deductions 33,855 - 41,538 70,667 - 73,295 -
----------- ------------ ----------- ----------- ----------- ----------- -----------
TRANSFERS:
Between funds and rollovers 85,087 (5,198) 79,062 96,704 1,111 156,798 1,808
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE)
BEFORE EXTRAORDINARY ITEM 70,890 (1,698) 61,153 77,489 6,251 148,451 4,153
EXTRAORDINARY ITEM:
GAIN RECOGNIZED FROM
FORGIVENESS OF DEBT - - - - - - -
----------- ------------ ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 70,890 (1,698) 61,153 77,489 6,251 148,451 4,153
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS: 9,928 3,051 11,524 23,767 2,060 21,926 685
Beginning of Year ----------- ----------- ----------- ----------- ----------- ----------- -----------
End of year $80,818 $1,353 $72,677 $101,256 $8,311 $170,377 $4,838
=========== =========== =========== =========== =========== =========== ===========
<CAPTION>
ESOP
-----------------------------------------------------------------------------
Federated Federated Federated Federated Federated Federated
Minimum International Managed Managed Managed Man. Agg.
Capital Equity Income Fund Growth/Income Growth Growth Select
Fund Fund Select Fund Fund Shares
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net appreciation (depreciation) $15,766 $(1,458) $ (3) $ (31) $ (167) $ (93)
Interest and dividends 884 5,995 - - - -
----------- ------------- ----------- ------------- ----------- -------------
Total Investment Income (Loss) 16,650 4,537 (3) (31) (167) (93)
Forfeitures reallocated (291) (102) - - - -
Contributions:
Employer 6,880 3,984 224 133 2,135 1,120
Employee 31,857 16,227 830 5,178 15,221 8,934
----------- ------------- ----------- ------------- ----------- -------------
Total additions 55,096 24,646 1,051 5,280 17,189 9,961
----------- ------------- ----------- ------------- ----------- -------------
DEDUCTIONS:
Benefit payments 51,820 18,839 - - - -
Interest expense - - - - - -
----------- ------------- ----------- ------------- ----------- -------------
Total Deductions 51,820 18,839 - - - -
----------- ------------- ----------- ------------- ----------- -------------
TRANSFERS:
Between funds and rollovers 149,288 39,722 1 710
----------- ------------- ----------- ------------- ----------- -------------
NET INCREASE (DECREASE)
BEFORE EXTRAORDINARY ITEM 152,564 45,529 1,051 5,280 17,190 10,671
EXTRAORDINARY ITEM:
GAIN RECOGNIZED FROM
FORGIVENESS OF DEBT - - - - - -
----------- ------------- ----------- ------------- ----------- -------------
NET INCREASE (DECREASE) 152,564 45,529 1,051 5,280 17,190 10,671
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of Year 14,691 12,254
----------- ------------- ----------- ------------- ----------- -------------
End of year $167,255 $57,783 $1,051 $5,280 $17,190 $10,671
=========== ============= =========== ============= =========== =============
<CAPTION>
ESOP
--------------------------------------------
VCNB VCNB VCNB VCNB Total
Open Stock Stock ESOP Plan
Account Liq. Fund Fund Fund Assets
<S> <C> <C> <C> <C> <C>
ADDITIONS:
Investment Income:
Net appreciation (depreciation) $ - $ 2,132 $ - $ 581,844 $ 671,563
Interest and dividends 3,406 607 - - 29,629
---------- ----------- ----------- ---------- ----------
Total Investment Income (Loss) 3,406 2,739 - 581,844 701,192
Forfeitures reallocated 710 908 - - 2,982
Contributions:
Employer - 516 - 626,479 666,897
Employee - 13,303 - - 205,700
---------- ----------- ----------- ---------- ----------
Total additions 4,116 17,466 - 1,208,323 1,576,771
---------- ----------- ----------- ---------- ----------
DEDUCTIONS:
Benefit payments - 295 - 176,658 507,202
Interest expense - - - 126,330 126,330
---------- ----------- ----------- ---------- ----------
Total Deductions - 295 - 302,988 633,532
---------- ----------- ----------- ---------- ----------
TRANSFERS:
Between funds and rollovers (120,912) 6,181 (7,232) 2,301 80,739
---------- ----------- ----------- ---------- ----------
NET INCREASE (DECREASE)
BEFORE EXTRAORDINARY ITEM (116,796) 23,353 (7,232) 907,636 1,023,978
EXTRAORDINARY ITEM:
GAIN RECOGNIZED FROM
FORGIVENESS OF DEBT - - - 1,161,647 1,161,647
---------- ----------- ----------- ---------- ----------
NET INCREASE (DECREASE) (116,796) 23,353 (7,232) 2,069,283 2,185,625
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of Year 116,796 7,232 (759,232) (40,701)
---------- ----------- ----------- ---------- ----------
End of year $ - $23,353 $ - $1,310,051 $2,144,924
========== =========== =========== ========== ==========
</TABLE>
-16-
<PAGE>
INFORMATION REGARDING CHANGES IN NET ASSETS BY FUND - 1994
<TABLE>
<CAPTION>
401(k)
----------------------------------------------------------------------------------
Federated Federated
Fidelity Auto Federated Short-
Retirement Fidelity Cash Master Term
Loan Fidelity Growth Spartan Management Trust Government
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation) $ - $ (1,872) $ (3,054) $(14,274) $ - $ (362) $ 297
Interest and dividends 4,481 4,419 5,342 249 173
------- -------- -------- -------- ------- ------ ------
Total Investment Income (Loss) 2,609 1,365 (8,932) 249 (362) 470
Forfeitures reallocated
Contributions:
Employer 9,747 8,307 4,063 1,069 1,844
Employee 44,851 33,661 12,854 4,264 7,352
------- -------- -------- -------- ------- ------ ------
Total additions 57,207 43,333 7,985 249 4,971 9,666
------- -------- -------- -------- ------- ------ ------
DEDUCTIONS:
Benefit payments 114,962 173,219 50,287 27
Interest expense
Forfeitures
------- -------- -------- -------- ------- ------ ------
Total deductions 114,962 173,219 50,287 27
------- -------- -------- -------- ------- ------ ------
TRANSFERS -
Between funds and rollover 35,797 (15,150) (15,767) (1,648) 14,626 289
------- -------- -------- -------- ------- ------ ------
NET INCREASE (DECREASE) 35,797 (72,905) (145,653) (43,950) 14,875 4,971 9,928
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of year 252,144 323,910 125,428
------- -------- -------- -------- ------- ------ ------
End of year $35,797 $179,239 $178,257 $ 81,478 $14,875 $4,971 $9,928
======= ======== ======== ======== ======= ====== ======
<CAPTION>
401(k)
---------------------------------------------------------------------------------
Federated Federated Federated Federated Federated Federated Federated
Capital Income Maximum Stock Middle Growth Minimum
Preservation Trust Capital Trust Capital Trust Capital
Fund Fund Fund Fund Fund Fund Fund
<S> <S> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation) $1,052 $ (523) $ (501) $ (127) $(1,232) $(35) $ (256)
Interest and dividends 555 147 197 15 132 5 64
------ ------- ------- ------ ------- ---- -------
Total Investment Income (Loss) 1,607 (376) (304) (112) (1,100) (30) (192)
Forfeitures reallocated
Contributions:
Employer 290 2,329 4,735 436 4,552 144 2,977
Employee 1,154 9,302 18,916 1,736 18,183 571 11,886
------ ------- ------- ------ ------- ---- -------
Total additions 3,051 11,255 23,347 2,060 21,635 685 14,671
------ ------- ------- ------ ------- ---- -------
DEDUCTIONS:
Benefit payments 40 78 64 25
Interest expense
Forfeitures
------ ------- ------- ------ ------- ---- -------
Total deductions 40 78 64 25
------ ------- ------- ------ ------- ---- -------
TRANSFERS -
Between funds and rollover 309 498 355 45
------ ------- ------- ------ ------- ---- -------
NET INCREASE (DECREASE) 3,051 11,524 23,767 2,060 21,926 685 14,691
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of year
------ ------- ------- ------ ------- ---- -------
End of year $3,051 $11,524 $23,767 $2,060 $21,926 $685 $14,691
====== ======= ======= ====== ======= ==== =======
<CAPTION>
401(k) ESOP
-------------------------------- ---------
Federated
Interna-
tional VCNB VCNB
Equity Open Stock ESOP
Fund Fund Fund Fund Total
<S> <C> <C> <S> <C> <C>
ADDITIONS:
Net appreciation (depreciation) $(1,418) $ (2,140) $ 55,888 $ 34,938 $ 66,381
Interest and dividends 111 10,083 136 26,109
------- -------- -------- --------- ----------
Total Investment Income (Loss) (1,307) 7,943 56,024 34,938 92,490
Forfeitures reallocated 170,059 170,059
Contributions:
Employer 2,712 1,988 2,239 2 47,434
Employee 10,830 6,273 32,270 964 215,067
------- -------- -------- --------- ----------
Total additions 12,235 16,204 90,533 205,963 525,050
------- -------- -------- --------- ----------
DEDUCTIONS:
Benefit payments 25 81,844 337,513 758,084
Interest expense 106,642 106,642
Forfeitures 3,049 2,102 171,181 176,332
------- -------- -------- --------- ----------
Total deductions 25 84,893 339,615 277,823 1,041,058
------- -------- -------- --------- ----------
TRANSFERS -
Between funds and rollover 44 (4,897) 149,307 (149,120) 14,688
------- -------- -------- --------- ----------
NET INCREASE (DECREASE) 12,254 (73,586) (99,775) (220,980) (501,320)
NET ASSETS (DEFICIT)
AVAILABLE FOR PLAN
BENEFITS:
Beginning of year 190,382 107,007 (538,252) 460,619
------- -------- -------- --------- ----------
End of year $12,254 $116,796 $ 7,232 $(759,232) $ (40,701)
======= ======== ======== ========= ==========
</TABLE>
-17-
<PAGE>
INFORMATION REGARDING CHANGES IN NET ASSETS BY FUND - 1993
<TABLE>
<CAPTION>
401(k) ESOP
---------------------------------------------------- ---------
Fidelity
Retirement Fidelity VCNB VCNB
Fidelity Growth Spartan Open Stock ESOP
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS:
Net appreciation (depreciation) $ 30,738 $ 52,680 $ 9,899 $(61,820) $(766,004) $(734,507)
Interest and dividends 74 65 36 $ 6,446 31 53 6,705
-------- -------- -------- -------- -------- --------- --------
Total Investment Income (Loss) 30,812 52,745 9,935 6,446 (61,789) (765,951) (727,802)
Forfeitures reallocated 349 28,559 28,908
Contributions:
Employer 736,452 736,452
Employee 71,386 61,264 31,251 25,768 21,755 211,424
-------- -------- -------- -------- -------- --------- --------
Total additions 102,198 114,009 41,186 32,214 (39,685) (940) 248,982
-------- -------- -------- -------- -------- --------- --------
DEDUCTIONS:
Benefit payments 14,480 8,397 29,117 3,454 44,771 115,468 215,687
Interest expense 111,891 111,891
Forfeitures 2 708 56,408 57,118
-------- -------- -------- -------- -------- --------- --------
Total deductions 14,480 8,397 29,117 3,456 45,479 283,767 384,696
-------- -------- -------- -------- -------- --------- --------
TRANSFER -
Between funds 11,952 (4,447) (8,215) (2,413) 3,019 104
-------- -------- -------- -------- -------- --------- --------
NET INCREASE (DECREASE)
BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING
PRINCIPLE 99,670 101,165 3,854 26,345 (82,145) (284,603) (135,714)
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 3,620 3,032 17,703 1,991 5,793 18,283 50,422
-------- -------- -------- -------- -------- --------- --------
NET INCREASE (DECREASE) 103,290 104,197 21,557 28,336 (76,352) (266,320) (85,292)
NET ASSETS (DEFICIT) AVAILABLE
FOR PLAN BENEFITS:
Beginning of year 148,854 219,713 103,871 162,046 183,359 (271,932) 545,911
-------- -------- -------- -------- -------- --------- --------
End of year $252,144 $323,910 $125,428 $190,382 $107,007 $(538,252) $460,619
======== ======== ======== ======== ======== ========= ========
</TABLE>
-18-
<PAGE>
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
<TABLE>
<CAPTION>
ITEM 27a - SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
Description of Investment,
Identity of Issue, Including Maturity Date,
Borrower, Lessor Rate of Interest, Collateral, Current
or Similar Party Par or Maturity Value Cost Value
<S> <C> <C> <C>
MUTUAL FUNDS:
* Cole Taylor Bank Federated Income Trust Fund $ 69,981 $ 72,677
* Cole Taylor Bank Federated Short-Term Government Fund 80,035 80,818
* Cole Taylor Bank Federated Capital Preservation Fund 1,346 1,353
* Cole Taylor Bank Federated Middle Cap Fund 159,650 170,377
* Cole Taylor Bank Federated Minimum Cap Fund 156,384 167,255
* Cole Taylor Bank Federated Maximum Cap Fund 99,367 101,256
* Cole Taylor Bank Federated Stock Trust Fund 7,426 8,311
* Cole Taylor Bank Federated International Equity Fund 60,850 57,783
* Cole Taylor Bank Federated Managed Income Fund Select 1,054 1,051
* Cole Taylor Bank Federated Growth Trust Fund 4,860 4,838
* Cole Taylor Bank Federated Managed Growth/Income Fund 5,311 5,280
* Cole Taylor Bank Federated Managed Growth Fund 17,357 17,190
* Cole Taylor Bank Federated Managed Aggrressive Growth Select
Shares 10,764 10,671
---------- ----------
Total Mutual Funds 674,384 698,860
COMMON STOCK -
* Ventura County National Bancorp Common stock (Allocated) 3,144,123 1,310,051
MONEY MARKET FUNDS:
* Cole Taylor Bank Ventura County National Bancorp
Stock Liquidity Fund 23,353 23,353
* Cole Taylor Bank Cash Account 1,898 1,898
* Cole Taylor Bank Federated Auto Cash Management Fund 57,281 57,281
---------- ----------
Total Money Market Funds 82,532 82,532
* Participant loans Loans to participants
Maturities: April 1996-August 2000
Interest Rates: 9.92%-11.0% 53,481 53,481
---------- ----------
TOTAL INVESTMENTS $3,954,520 $2,144,924
========== ==========
* Investment with a party-in interest
</TABLE>
<PAGE>
VENTURA COUNTY NATIONAL BANCORP
401(k)/EMPLOYEE STOCK OWNERSHIP PLAN
ITEM 27d - SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e) (i)
Description of Asset
(Including Interest Rate and Purchase Selling Cost of Net Gain
Identity of Party Involved Maturity in Case of a Loan Price Price Asset (Loss)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dai-Ichi Kangyo Bank of California Fidelity Fund $200,613 $181,551 $19,062
Dai-Ichi Kangyo Bank of California Money Market Account 111,602 115,580 (3,978)
Dai-Ichi Kangyo Bank of California Fidelity Retirement Growth Fund 188,805 178,066 10,739
Dai-Ichi Kangyo Bank of California Federated Middle Capital Fund $154,105
Dai-Ichi Kangyo Bank of California Federated Maximum Capital Fund 162,042
</TABLE>
-20-
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statements No.
33-33974 and 33-43044 of Ventura County National Bancorp on Form S-8 of our
report dated June 21, 1996 appearing in this Annual Report on Form 11-K of the
Ventura County National Bancorp 401(k)/Employee Stock Ownership Plan for the
year ended December 31, 1995.
Deloitte & Touche LLP
Los Angeles, California
June 27, 1996
|
|