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UNITED STATES
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: December 29, 1998
REDWOOD EMPIRE BANCORP
(Exact number of Registrant as specified in its charter)
California File No. 0-19231 68-0166366
(State or other jurisdiction of (Commission 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) 573-4800
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Item 5. Other Events
Press releases for the following (article attached):
Redwood Empire Bancorp announces redemption of 8 1/2 % subordinated
notes due 2004.
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.
12/29/98
Date: ___________________ REDWOOD EMPIRE BANCORP
(Registrant)
/s/ James E. Beckwith
By: ----------------------
James E. Beckwith
Executive Vice President and
Chief Financial Officer
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FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: James Beckwith
Chief Financial Officer
(707) 522-5215
CONTACT: Morgen-Walke Associates, Inc.
John Swenson, Bruce Schoenfeld
(415) 296-7383
For Immediate Release Mark Owen
(212) 850-5600
REDWOOD EMPIRE BANCORP ANNOUNCES REDEMPTION OF 8 1/2 %
SUBORDINATED NOTES DUE 2004
SANTA ROSA, Calif. (December 28, 1998) -- Redwood Empire Bancorp (Nasdaq: REBC)
today announced that on or before January 15, 1999, a notice of redemption will
be sent to holders of all notes outstanding of the Company's 8 1/2 %
Subordinated Notes Due 2004. The notes were issued in 1994. The Notice of
Redemption, to be sent by the Company, stipulates a redemption date of February
15, 1999 and a Redemption Price payable of 100% of the par amount of the notes.
Monthly interest due on the notes payable on February 15, 1999 will be paid in
the normal manner.
As a result of redeeming the notes prior to maturity, Redwood expects
to record in the first quarter of 1999 an extraordinary charge net of tax of
approximately $288,000 related to debt issuance costs. A portion of these costs
had previously been amortized on an annual basis but all unamortized costs will
now be taken as an extraordinary charge net of tax in the quarter of redemption.
"We are pleased to announce this redemption and view it as another
strategic step in our ongoing efforts to consistently seek ways of improving
shareholder value," said Tom Whitaker, chairman of Redwood Empire Bancorp.
"Given the costs of the subordinated notes, their redemption will have a
positive affect on the Company's future earnings," noted Whitaker.
Redwood Empire Bancorp is the holding company for National Bank of the
Redwoods, a commercial bank. The Company operates through branches and loan
production offices in various northern California locations.
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