- Notification that Quarterly Report will be submitted late (NT 10-Q)
May 18 2009 - 5:27PM
Edgar (US Regulatory)
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OMB
APPROVAL
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM
12b-25
NOTIFICATION OF LATE
FILING
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OMB
Number: 3235-0058
Expires:
April 30, 2009
Estimated
average burden hours per response . . . 2.50
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SEC
FILE NUMBER
000-51960
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CUSIP
NUMBER
694 100 108
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(Check
one):
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o
Form 10-K
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o
Form
20-F
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o
Form
11-K
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x
Form 10-Q
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o
Form
10-D
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o
Form
N-SAR
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o
Form
N-CSR
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For Period
Ended:
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March 31,
2009
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o
Transition Report on Form
10-K
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o
Transition Report on Form
20-F
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o
Transition Report on Form
11-K
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o
Transition Report on Form
10-Q
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o
Transition Report on Form
N-SAR
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For the Transition Period
Ended:
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Read Instructions (on back page)
Before Preparing Form. Please Print or Type.
Nothing in this form shall
be construed to imply that the Commission has verified any information
contained herein.
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If the notification relates to a portion
of the filing checked above, identify the Item(s) to which the notification
relates: Not Applicable
PART I — REGISTRANT
INFORMATION
Pacific Coast National
Bancorp
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Full Name of
Registrant
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N/A
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Former Name if
Applicable
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905 Calle
Amanecer
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Address of Principal Executive
Office
(Street and
Number)
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San Clemente, California
92673
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City, State and Zip
Code
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PART II — RULES 12b-25(b) AND
(c)
If the subject report could not be filed
without unreasonable effort or expense and the registrant seeks relief pursuant
to Rule 12b-25(b), the following should be completed. (Check box if
appropriate)
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(a)
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The reason described in reasonable
detail in Part III of this form could not be eliminated without
unreasonable effort or expense
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(b)
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The subject annual report,
semi-annual report, transition report on Form 10-K, Form 20-F,
Form 11-K, Form N-SAR or Form N-CSR, or portion thereof,
will be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report or transition report
on Form 10-Q or subject distribution report on Form 10-D, or
portion thereof, will be filed on or before the fifth calendar day
following the prescribed due date; and
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(c)
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The accountant’s statement or
other exhibit required by Rule 12b-25(c) has been attached if
applicable.
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PART III — NARRATIVE
State below in reasonable detail why
Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report
or portion thereof, could not be filed within the prescribed time
period.
As
previously reported in its Current Report on Form 8-K filed on April 30, 2009,
Pacific Coast National Bancorp (the "Company") expects to record provisions for
loan losses for the year ended December 31, 2008 and the quarter ended March 31,
2009 totaling $8.8 million in the aggregate. The Company was unable to
file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009
within the prescribed time period because, due to information that became
available to the Company subsequent to December 31, 2008, the Company is still
working with its independent registered public accounting firm to determine
whether approximately $800 thousand of the $8.8 million in total loan loss
provisions should be recognized in the year ended December 31, 2008 or the
quarter ended March 31, 2009
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SEC 1344
(05-06)
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Persons who are to respond to the
collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control
number.
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(Attach extra Sheets if
Needed)
PART IV — OTHER
INFORMATION
(1)
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Name and telephone number of
person to contact in regard to this notification
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Michael S.
Hahn
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(949)
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361-4300
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(Name)
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(Area Code)
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(Telephone
Number)
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(2)
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Have all other periodic reports
required under Section 13 or 15(d) of the Securities Exchange Act of 1934
or Section 30 of the Investment Company Act of 1940 during the preceding
12 months or for such shorter period that the registrant was required to
file such report(s) been filed? If answer is no, identify
report(s).
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Annual
Report on Form 10-K for the year ended December 31, 2008.
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o
Yes
x
No
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(3)
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Is it anticipated that any
significant change in results of operations from the corresponding period
for the last fiscal year will be reflected by the earnings statements to
be included in the subject report or portion
thereof?
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x
Yes
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No
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If so, attach an explanation of
the anticipated change, both narratively and quantitatively, and, if
appropriate, state the reasons why a reasonable estimate of the results
cannot be made.
The Company
estimates that it will incur a net loss for the
quarter
ended March
31,
200
9
of
between
$1.4 million and $2.2 million, compared with a net loss for the quarter
ended March 31, 2008 of $1.2 million. This increase is
primarily due to the provision for loan losses expected to be recorded by
the Company for the quarter ended March 31, 2009 of between $900 thousand
and $1.7 million. The Company is unable to provide more precise
estimates of its provision for loan losses and net loss for the quarter
ended March 31, 2009 because of the uncertainty regarding the timing of
the recognition of approximately $800 thousand in loan loss provisions, as
discussed in Part III above.
Forward-Looking
Statements
This
Notification of Late Filing on Form 12b-25 includes certain statements
which may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. These statements are in some cases, but not
all, made through the phrases “expects,” “estimates,” “anticipates” and
similar phrases. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions it can give no assurance that its expectations will
be realized. Forward-looking information is subject to certain
risks, trends and uncertainties described from time to time in the
Company’s filings with the Securities and Exchange Commission that could
cause actual results to differ materially from those
projected. For forward-looking statements herein, the Company
claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 and
other protections under the Federal securities laws. The
Company assumes no obligation to update or supplement any forward-looking
statements whether as a result of new information, future events or
otherwise.
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Pacific Coast National Bancorp
(Name of Registrant as Specified in
Charter)
has caused this notification to be
signed on its behalf by the undersigned hereunto duly
authorized.
Date
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May 18,
2009
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/s/ Michael S.
Hahn
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Name: Michael S.
Hahn
Title: President
and Chief Executive Officer
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INSTRUCTION: The form may be signed by
an executive officer of the registrant or by any other duly authorized
representative. The name and title of the person signing the form shall be typed
or printed beneath the signature. If the statement is signed on behalf of the
registrant by an authorized representative (other than an executive officer),
evidence of the representative’s authority to sign on behalf of the registrant
shall be filed with the form.
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ATTENTION
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Intentional misstatements or
omissions of fact constitute Federal Criminal Violations (See 18 U.S.C.
1001).
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