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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: November 21, 1996
REDWOOD EMPIRE BANCORP
(Exact number of Registrant as specified in its charter)
California File No. 0-19231 68-0166366
(State or other jurisdiction of (Commision File Number) (IRS Employer
Incorporated or organization) Identification No.)
111 Santa Rosa Avenue, Santa Rosa, California 95404-4905
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (707) 545-9611
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Item 5. Other Events
Press release for the following (article attached):
1. Redwood Empire Bancorp Board approves combination of Allied Bank
and National Bank of the Redwoods subsidiaries.
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.
11-21-96
Date: ___________________ REDWOOD EMPIRE BANCORP
(Registrant)
/s/ James E. Beckwith
By:__________________________
James E. Beckwith
Senior Vice President and
Chief Financial Officer
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News Release
FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: James Beckwith
Chief Financial Officer
(707) 573-4988
CONTACT: Morgen-Walke Associates, Inc.
Doug Sherk, Jenifer Kirtland, David Gennarelli
(415) 296-7383
Emily Dupree, Elyssa Grabowski
For Immediate Release (212) 850-5600
REDWOOD EMPIRE BOARD APPROVES COMBINATION OF ALLIED BANK AND
NATIONAL BANK OF THE REDWOODS SUBSIDIARIES
SANTA ROSA, CA (November 20, 1996) -- Redwood Empire Bancorp (AMEX: REB) today
announced that its Board of Directors has approved a combination plan to
consolidate its Allied Bank subsidiary into its National Bank of the Redwoods
subsidiary. Under the plan, the assets and liabilities of Allied Bank, a savings
institution, which include its deposits, branches and mortgage loans, will
become a part of National Bank of the Redwoods, a commercial bank. The
transaction is subject to regulatory approval and is expected to be consummated
by the end of the second quarter of 1997. In addition, the Company has begun to
significantly downsize Allied's "A" paper wholesale mortgage banking business,
while continuing to focus on its sub-prime and retail mortgage lending.
"The combination of Allied into National Bank of the Redwoods and the
restructuring of Allied's operations allows the Company to focus on its more
profitable banking activities and to improve shareholder value," said Tom
Whitaker, Chairman of Redwood Empire Bancorp. "We expect to achieve significant
cost savings from our efforts and to leverage common multiple market and product
strategies of the two organizations as well. The new Redwood Empire Bancorp will
be a cohesive, market-driven banking franchise. The resultant bank will be
eighth largest community bank in Northern California."
The Company anticipates that certain restructuring charges will be
taken relating to closure of facilities, planned staff reductions and
duplicative fixed assets. These restructuring charges are expected to range
between $1.5 million to $2.0 million. Although there can be no assurance as to
success, the Company is examining various measures to mitigate these
restructuring charges.
Redwood Empire Bancorp is the holding company for two operating
subsidiaries: Allied Bank, F.S.B., a savings institution, and National Bank of
the Redwoods, a commercial bank. The Company operates through branches and loan
production offices in various California locations, as well as Portland, Oregon.
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