Pennsylvania Commerce Bancorp Inc - Current report filing (8-K)
February 08 2008 - 4:37PM
Edgar (US Regulatory)
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 (Date of earliest event reported)
February 8, 2008 (February
5, 2008)
Pennsylvania Commerce
Bancorp, Inc.
(Exact
name of registrant as specified in its charter)
Pennsylvania
|
000-50961
|
25-1834776
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
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3801 Paxton Street,
Harrisburg, Pennsylvania
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17111
|
(Address
of principal executive offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area code
|
(717)
412-6301
|
N/A
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
|
[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01. Entry into a Material Definitive Agreement.
On
February 5, 2008, pursuant to a Stipulation and Consent to the Issuance of a
Consent Order, Commerce Bank/Harrisburg, N.A., Harrisburg, Pennsylvania (the
“Bank”), a wholly owned subsidiary of Pennsylvania Commerce Bancorp, Inc.,
consented and agreed to the issuance of a Consent Order (“Order”) by the Office
of the Comptroller of the Currency (the “OCC”), the Bank’s primary
regulator. Among other things, the Order requires the Bank to obtain
prior approval for certain transactions between the Bank and current directors
and executive officers and certain other parties; provide reports to the OCC on
a quarterly basis regarding certain transactions between the Bank and current
directors and executive officers and certain other parties; provide to the OCC
for review a plan describing and evaluating whether the Bank should seek to
terminate certain contracts with current directors, executive officers or
certain other parties; and provide additional information regarding real estate
related transactions with current directors, executive officers or certain other
parties. The Bank neither admitted nor denied wrongdoing in
consenting to the Order and was released from any potential claims and charges
that the OCC could have asserted against the Bank with respect to real estate
related activity entered into, commenced, or engaged in between the Bank and
directors, executive officers or certain other parties, and which had been
disclosed by the Bank and known to the OCC at the date of the
Order. The foregoing description of the Order is qualified in its
entirety by reference to the terms of the Order, which is attached hereto as
Exhibit 10.1 and incorporated by reference herein.
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits
10.1
|
Consent
Order dated February 5, 2008 issued by the Comptroller of the Currency in
the matter of Commerce Bank/Harrisburg, National Association, Harrisburg,
Pennsylvania.
|
|
|
10.2
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Stipulation
and Consent to the Issuance of a Consent Order dated February 5, 2008
between the Comptroller of the Currency and Commerce Bank/Harrisburg,
National Association, Harrisburg,
Pennsylvania.
|
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.
|
Pennsylvania
Commerce Bancorp, Inc.
|
|
-----------------------------------------------
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(Registrant)
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|
|
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Date:
February 8, 2008
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/s/
Mark A. Zody
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|
-----------------------------------------------
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Mark
A. Zody
|
|
Chief
Financial Officer
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EXHIBIT
INDEX
Exhibit
No.
|
Description
|
|
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10.1
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|
|
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10.2
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