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SJQU SEC Suspension for Financials / Filings delinquencies:
http://www.sec.gov/litigation/suspensions/2015/34-75384.pdf
Order:
http://www.sec.gov/litigation/suspensions/2015/34-75384-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2015/34-75383.pdf
New 52-week low 0.001 was created today! Sell at the bid ASAP before
the shares cancellation!
Our new boss is Citizens Bank of California???? It is anyone's guess what we are really worth since the FDIC move although FDIC had to guarantee the $775 million on deposit with San Joaquin when it closed!
San Joaquin Bancorp Restructures Board and Increases Capital
5:40p ET October 5, 2009 (Business Wire)
--Bancorp's Tier One Shareholders' Equity Increased by Approximately $6.5 Million
--New Corporate Governance and Nominating Committee Established
San Joaquin Bancorp (OTCBB: SJQU) today announced new strategic initiatives designed to further enhance the company's senior leadership team and governance policies, including a restructuring of its Board of Directors and the Board of Directors of its banking subsidiary, San Joaquin Bank, and the establishment of a new Corporate Governance and Nominating Committee. The Company also announced an increase in Tier One shareholders' equity of approximately $6.5 million as part of its ongoing capital augmentation plan.
As part of these new strategic initiatives, the Board of San Joaquin Bancorp:
-- Plans to elevate Bancorp's current Vice Chair, Rogers Brandon, to become Chairman of the Board of Bancorp and the Bank;
-- Established a new Corporate Governance and Nominating Committee comprised of Louis Barbich, who is presently the Chair of Bancorp's Audit Committee, Director Melvin Atkinson and Vice Chair Rogers Brandon, as Committee Chairman;
-- Named Stephen Annis, Bancorp's former Chief Financial Officer, as the Executive Vice President and Chief Operating Officer of Bancorp and the Bank;
-- Promoted Mark Taylor, the Bank's Vice President -- Finance, to Senior Vice President and Chief Financial Officer of Bancorp and the Bank; and
-- Committed to add qualified individuals to the Board to add depth and experience.
Mr. Brandon, 53, who has been a director of the Bank since 2000, will perform the duties of the Chairman of the Board in his capacity as Vice Chair pending certain formal notice requirements by Bancorp and the Bank with its federal regulator, the Federal Reserve Bank of San Francisco. This action was prompted after the respective Boards of Directors of Bank and Bancorp accepted the resignation of Bruce Maclin from his positions as a director, Chairman and executive officer of the Bank and Bancorp. Mr. Maclin, a founder of the Bank, decided to retire after nearly 30 years of dedicated service to concentrate his attention on personal matters. Bancorp's President, Bart Hill, who is also the Bank's President, Chief Executive Officer and interim Chief Credit Officer, will continue to oversee the operations of both Bancorp and the Bank as the principal executive officer of both companies.
Rogers Brandon stated: "I am proud to step into the new role of Chairman, backed by our newly restructured board of directors and senior management team. Our board members and senior management team have exhibited an unswerving and tireless commitment to the Company and our local community, and I believe we will succeed in achieving our strategic plan to increase capital, stabilize asset quality, improve earnings and liquidity, and reenergize our Company."
Bart Hill, who has been the Bank's President since 1987 and Bancorp's President since 2006, added: "I applaud the Board's promotion of my colleague Steve Annis as our new Chief Operating Officer and recognition of our VP of Finance, Mark Taylor, as our new Senior VP and Chief Financial Officer. I believe this senior management team, along with our expanded special assets department and revised credit administration teams, will greatly enhance our future prospects by continuing to address and improve our asset quality and reposition Bancorp and the Bank for a return to profitability in 2010."
Tier One Shareholder Equity Successfully Increased by Approximately $6.5 Million as Part of Capital Augmentation Plan
The Board also announced that it had successfully achieved the first step of its capital augmentation plan and, as a result, Bancorp's Tier One shareholders' equity has been increased by over $6.5 million. Approximately $3 million of this Tier One capital increase will be included in Bancorp's shareholders' equity for the quarter ended September 30, 2009.
This element of the increased Tier One capital was announced by Bancorp on October 1, 2009 in its filing on Form 8-K with the Securities and Exchange Commission, which reported that Bancorp and the Bank had entered into Benefit Termination Agreements with President Bart Hill and Executive Vice President Stephen Annis that effectively terminated their respective supplemental executive retirement agreements.
Another approximately $3.5 million increase in Tier One shareholders' equity will be recognized in the fourth quarter ending December 31, 2009, by virtue of a Benefit Reduction Agreement that Bancorp and the Bank entered into with former Chairman Bruce Maclin on October 3, 2009.
New Corporate Governance and Nominating Committee Formed to Further Enhance Governance Policies and Augment Boards of Bancorp and the Bank
The Board's newly established Corporate Governance and Nominating Committee will play a critical role in overseeing matters of corporate governance for the Bancorp Board, including formulating and recommending governance principles and policies. The new committee will be charged with enhancing the quality of nominees to the board and ensuring the integrity of the nominating process, and will immediately begin identifying and evaluating new directors to augment the existing Boards of Bank and Bancorp.
The Committee will be chaired by the incoming Chairman of the Board, Rogers Brandon, who is the President of American General Media in Bakersfield and a member of Bancorp's Compensation Committee. Other committee members will include:
-- Melvin Atkinson, 54, who has been a member of the Bank's board since 2005 and of Bancorp's board since 2006. He is currently a member of Bancorp's Audit Committee and the President and Chairman of the Board of M.D. Atkinson Company, Inc., a professional property management service company.
-- Louis Barbich, 65, Chair of Bancorp's Audit Committee and Chairman of Barbich, Hooper, King, Dill, Hoffman Accountancy Corporation, where he has practiced since 1982. Mr. Barbich, a certified public accountant, has served as a director of the Bank since 1990 and a director of Bancorp since its formation in 2006.
About San Joaquin Bancorp
San Joaquin Bancorp is a bank holding company formed in 2006 and is subject to the regulatory oversight of the Board of Governors of the Federal Reserve System. San Joaquin Bank, wholly-owned by San Joaquin Bancorp, is an insured state-chartered member bank of the Federal Reserve System. The Bank was established in 1980 and is headquartered in Bakersfield, California. San Joaquin Bank is a full-service, community bank with four banking offices in Bakersfield and one in Delano. San Joaquin Bank emphasizes professional, personal banking service directed primarily to small and medium-sized businesses and professionals. The Bank also provides a full range of banking services that are available to individuals, public entities, and non-profit organizations.
Citizens Bank paid $775M for San Joaquin Bank's assets. The parent company (SJQU) is sitting on a pile of money right now (3/4 of a billion dollars). This stock is way undervalued.
"As of September 29, 2009, San Joaquin Bank had total assets of $775 million and total deposits of approximately $631 million. Citizens Business Bank did not pay the FDIC a premium for the deposits of San Joaquin Bank. In addition to assuming all of the deposits of the failed bank, Citizens Business Bank agreed to purchase essentially all of the assets."
http://www.fdic.gov/news/news/press/2009/pr09185.html
"Citizens took over about $630 million in new deposits and purchased $775 million in San Joaquin's total assets, according to a statement issued by the FDIC."
http://www.dailybulletin.com/search/ci_13597594?IADID=Search-www.dailybulletin.com-www.dailybulletin.com#
thaqt .11 ask is really holding strong, regardless of where the bid falls to. i like it.
I tried to get into SVFL and so far no luck! Banks are the number one big issue now and we are all getting in on the ground floor to turn this country around again by getting into bank stocks of any kind including WAMU and LEHMQ.
she looks like she wants to move. the ask has pretty stable levels at .13 and .15. i was hoping for a little more exposure today, but it doesn't seem like it's attracted too much attention. :-/ i'll hold a little while longer and hope for a run up to .20
im confused, so this bank is closed?? That is the reason for the huge drop right??
.10 and .11 are great entries .. imagine where it fell from and if some one had been holding
I dont completely understand implications of "FDIC taking over the bank" .. but as per my experience.. since this is an OTC stock .. the trading shouldnt get halted .. and it has had a huge drop.. i have seen even bankrupcy stocks have a dead cat bounce from these kind of drops levels.
I hope it gives us all a nice double from here tomm!!
G/L
wow, there are a lot of buys coming in at .09. wonder how long NITE is going to be able to hang on.
i'm looking forward to tomorrow. unfortunately i got in a little too high. half my positions at .11, and the other half at .10. both levels had lots of support, but i guess i shoulda waited.
i still think it will get noticed in scans tonight, and people will be looking for the bounce tomorrow.
Mac
FDIC Information for San Joaquin Bank, Bakersfield, CA
--------------------------------------------------------------------------------
On Friday, October 16, 2009, San Joaquin Bank, Bakersfield, CA was closed by the California Department of Financial Institutions. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
All deposit accounts, excluding certain brokered deposits, have been transferred to Citizens Business Bank, Ontario, CA. For more information on Citizens Business Bank, visit us at www.cbbank.com.
The FDIC has assembled useful information regarding your relationship with San Joaquin Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
Please select the link below to read more about this event:
FDIC Bank Closing Information for San Joaquin Bank
Online service will remain available.
Continue to San Joaquin Bank's Online Banking Login
http://www.sjbank.com/
reason of this crash ????
strong bid support at .11 and .10 looks like it could hold .10 today. this one should hit a lot of "end of day scanners" cause it shows its down over 90% today. anyone else agree that tomorrow and wednesday will be prime days for action?
In at .11 out at .15 WEEEEEEEEEEEEEEEE
from what i can tell, the shareholders lost everything. that's terrible!!!!
Same here but looks like you are correct and the bank is gone..but what happens to the share holders here???
ahhhh, so that explains the resignations. since it was "half way expected" that can't be the reason the share price dropped so far. and if they were able to raise the capital why did the price crash?
any ideas? how about speculation on future share price?
i'm in at .11 for a few thousand shares seems like the .19 level could be reached today, but what about the end f the week?
You may be right and my aopology...looks like you are correct..
Too bad ...I got in today at the drop at .11...but will hold and see what happens here.
GLTA
Noy yet. They had till 15th to raise $27 mil which according to CEO they were capable...They were planning to do a drastic change in the corporation any way so the resignation of COO $ CFO not surprising also they was speculation on some wrong doings by the CFO so either resign or get fired...IMHO
looks like the FDIC took the bank. i don't have any confirmation on that though.
the 8-K says that COO and the CFO resigned on friday.
Why the crash?
crashes from $2 glory to under a dime?
is it time for a bounce yet?
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