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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) September 23, 1998
REGENCY BANCORP
(Exact name of registrant as specified in its charter)
California 000-23815 77-0378956
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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 6 pages
The Exhibit Index is on Page 4.
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Item 5. OTHER EVENTS.
The Registrant issued a press release dated September
23, 1998 announcing its intention to repurchase stock and
the completion of real estate investment divestiture.
The foregoing is qualified by reference to the press
release attached as exhibit 99.1
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 September 23, 1998
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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
/s/ Steven R. Canfield
Date: September 23, 1998 --------------------------------
Steven R. Canfield
EVP & CFO
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EXHIBIT INDEX
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99.1 Press Release dated September 23, 1998 5 - 6
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact: Wil Goodrich, Vice President-Director of Marketing (209) 438-2600
REGENCY BANCORP ANNOUNCES INTENTION TO REPURCHASE STOCK
AND COMPLETION OF REAL ESTATE INVESTMENT DIVESTITURE
FRESNO, CA, SEPTEMBER 23 -- Regency Bancorp (REFN), parent holding
company of Fresno (CA) based Regency Bank and Regency Investment Advisors,
Inc., announced today that the company's board of directors has approved a
stock repurchase plan. It calls for the acquisition of a portion of the
company's outstanding common stock on the open market from time to time,
subject to applicable regulatory restrictions.
Regency Chairman Steve Hertel said that "the volatile stock market has
depressed market values of banks of all sizes and Regency has been no
exception. Given the strength of our current and projected earnings,
relative to Regency's present market value, we feel that the stock is an
extremely attractive investment. While we have no set timetable to acquire
shares, nor any specific number of shares to be acquired, we intend to
purchase stock on the market as opportunities allow.
"Nineteen ninety eight has been an eventful year," he continued, "and we
are pleased with our growth and earnings. For the second quarter, we had net
income of $628,000, up from $519,000 in the first quarter, and we anticipate
enhanced earnings in the third and fourth quarters."
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The chairman also noted that, "Approximately one year ago, Regency
entered into an agreement with the Federal Deposit Insurance Corporation
(FDIC) and the California Department of Financial Institutions to accomplish
a number of tasks including the divestiture of investments in residential
real estate of its subsidiary, Regency Service Corporation. We are extremely
pleased to announce that Regency accomplished those tasks well ahead of plan.
And, as such, the formal agreements have been rescinded. In addition to the
regulatory acknowledgment of our company's renewed strength, Regency will now
be the beneficiary of reduced FDIC insurance costs in the near future."
Regency Bancorp and its subsidiaries have served Fresno and the Central
Valley since December of 1980. The company currently provides banking to the
greater Fresno market and Madera County through its three branches and has a
government-guaranteed loan production office in Modesto. Its stock trades on
the Nasdaq National Market System under the symbol REFN with market makers
such as: Van Kasper & Co., Hoefer & Arnett, and Sutro & Co., as well as other
financial firms.
# # #
September 23, 1998
CERTAIN MATTERS DISCUSSED IN THIS NEWS RELEASE MAY BE FORWARD-LOOKING
STATEMENTS THAT ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED. SUCH RISKS AND
UNCERTAINTIES, WHICH COULD IMPACT FUTURE FINANCIAL PERFORMANCE, INCLUDE,
AMONG OTHERS, (1) COMPETITIVE PRESSURES IN THE BANKING INDUSTRY; (2) CHANGES
IN THE INTEREST RATE ENVIRONMENT; (3) GENERAL ECONOMIC CONDITIONS, EITHER
NATIONALLY OR REGIONALLY; (4) CHANGES IN THE REGULATORY ENVIRONMENT; (5)
CHANGES IN BUSINESS CONDITIONS AND INFLATION; AND (6) CHANGES IN SECURITIES
MARKETS. THEREFORE, THE INFORMATION SET FORTH HEREIN SHOULD BE CAREFULLY
CONSIDERED WHEN EVALUATING THE BUSINESS PROSPECTS OF THE COMPANY AND ITS
SUBSIDIARIES.
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