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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: February 24, 1999
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 (articles attached):
Redwood Empire Bancorp announces completion of redemption of 8 1/2 %
subordinated notes due 2004.
Redwood Empire Bancorp declares a cash dividend on its common stock.
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.
02-24-99
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 COMPLETES REDEMPTION
OF 8 1/2 % SUBORDINATED NOTES DUE 2004
SANTA ROSA, Calif. (February 22, 1999) -- Redwood Empire Bancorp (Nasdaq: REBC)
today announced that it had completed redemption of the Company's 8 1/2 %
Subordinated Notes Due 2004. The Notes were issued in 1994.
"The successful redemption of these notes is a tangible result of our
constant focus on improving shareholder value," said Tom Whitaker, chairman of
Redwood Empire Bancorp. "Given the interest costs associated with the notes,
their redemption will have a positive effect on the Company's future earnings."
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 first quarter.
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.
The statements contained in this release are forward-looking statements
that are subject to risks and uncertainties. Actual results may differ
materially from those set forth in or implied by forward-looking statements.
These risks are described in the Company's Securities and Exchange Commission
filings.
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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 DECLARES DIVIDEND ON COMMON STOCK
SANTA ROSA, Calif. (February 22, 1999) -- Redwood Empire Bancorp (NASDAQ: REBC)
today announced that its Board of Directors has declared a dividend of four
cents per share on the Company's Common Stock. The dividend is payable on April
15, 1999 to shareholders of record on March 31, 1999.
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 California locations.
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