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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 (Date of earliest event reported) November 8, 1996
REGENCY BANCORP
(Exact name of registrant as specified in its charter)
California 33-82150 77-0378956
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
7060 N. Fresno, Fresno, California 93720
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (209) 438-2600
Not Applicable
(Former name or former address, if changed since last report).
Page 1 of 7
The Exhibit Index is on Page 4.
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Item 5. OTHER EVENTS.
None
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS.
Not Applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not Applicable.
(c) EXHIBITS.
(99.1) Press Release dated November 8, 1996.
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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.
REGENCY BANCORP
Date: November 18, 1996
/s/Steven F. Hertel
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Steven F. Hertel
President
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EXHIBIT INDEX
SEQUENTIAL
EXHIBIT NO. DESCRIPTION PAGE NO.
Press Release dated
99.1 November 8, 1996 5
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EXHIBIT 99.1
[logo] FOR IMMEDIATE RELEASE
Contact: Wil Goodrich, Vice President-Director of Marketing (209)438-2600
REGENCY BANCORP ANNOUNCES 3RD QTR GROWTH IN NET INCOME
FRESNO, November 8 -- Regency Bancorp, parent company of Fresno-based
Regency Bank, today reported a 115.3% increase, or $842,000, in net income for
the first three quarters of 1996 as compared to the same period a year earlier.
Net income for this year's third quarter increased $393,000 compared to the
third quarter of 1995.
Earnings per share this quarter were $0.15; and $0.45 per share for 1996 to
date. In 1995, the comparable per share earnings were ($0.6) and $0.21. A cash
dividend of $0.06 per share was paid in August this year versus a cash dividend
of $0.05 per share in the third quarter of 1995.
Steve Hertel, the holding company and bank president and chief executive
officer, stated that "Our increases this year are directly attributable to
increased net interest income, expense control, the continuing strength of the
bank in all areas, and the excellent growth and profitability of our money
management subsidiary, Regency Investment Advisors, Inc. (RIA).
"In the third quarter," he added. "we were particularly pleased with the
strides we've taken in divesting the real estate investment activities of our
subsidiary, Regency Service Corporation (RSC). This federally mandated action
which has affected so many banks in California and other states, was the only
reason for the 1995 third quarter loss last year and at year's end. It is also
the primary reason that consolidated earnings of the holding company during the
divestiture are anticipated to be less than our previous, excellent historical
performance level. However, the bank,
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REGENCY 3RD QTR GROWTH
net of RSC's activities, is performing at its highest level ever."
While the company's net income grew over the last twelve months, its total
assets also climbed to $170.8 million, a 3.7% increase over last year's $164.7
million. Total deposits followed this same trend, up 3.5% to $152.1 million
from $146.9 million a year ago. Total loans, increased 2.6% from 1995's total
to $102.7 million at the end of September, 1996.
Part of the bank's asset growth during the last quarter has been directly
attributed to the rapid growth of its new branch in Madera which opened at 5th
and "D" Streets in mid-August. By the end of the quarter, after barely six
weeks of operation, Madera had opened well in excess of $5 million in new
deposit accounts.
Also reporting significant growth was the bank's investment management
subsidiary, RIA. Formed in 1993, it began with assets under management of $23
million. At the end of the third quarter, RIA had grown to almost $72.5 million
in Central Valley investment portfolios serving businesses, not for profit
agencies, and individual investors. This year, its portfolio performance is
again in the top quartile of money managers, nationwide, for the third
consecutive year.
Regency Bancorp is an Employee Stock Ownership Plan (ESOP) company making
its staff members the single largest shareholder. Together with individual
employees, the firm's 401K plan, and its directors, they own 34% of the
company's common stock. The remaining shares are owned primarily by local
families and companies in the Central Valley area. Its stock is traded over the
counter under the symbol, REFN, through four market makers: Sutro & Co., Hoefer
& Arnett, Van Kasper & Co., and Banc Stock Financial Services.
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REGENCY 3RD QTR GROWTH
The holding company's lead subsidiary, Regency Bank, serves the business
and professional community as well as individuals needing unique, customized
banking services. Earlier in the year it was named the first winner of the
"1996 Excellence in Business Award" for financial institutions.
The bank was honored for its "high ethical standards in business and
professional dealings, success and growth of the business, employee and customer
service, service to community and concern for the environment." The awards were
sponsored by the Fresno Bee, the Fresno Business Council and Chambers of
Commerce and Economic Development Corporations of Central California.
Regency's president was also named the 1996 Central California Financial
Services Advocate of the Year by the Fresno District Office of the U.S. Small
Business Administration. The annual award was for his "significant
contributions and financial services to advance small business interests in
Central California."
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November 8, 1996
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