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) November 6, 2008 (October 17, 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.) |
| 3801 Paxton Street, Harrisburg, Pennsylvania | 17111 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant’s telephone number, including area code | 800-653-6104 |
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)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On October 17, 2008, the Board of Directors of Pennsylvania Commerce Bancorp, Inc. (the “Company”) ratified the following compensation changes, effective November 3, 2008, that had been approved by the Company’s Compensation Committee:
Base salary amounts and cash bonuses for the Company’s Chief Executive Officer, Chief Financial Officer and other Named Executive Officers:
| Name | Title | | Base Salary | | | Cash Bonus | |
| Gary L. Nalbandian | Chairman, President and Chief Executive Officer | | $ | 495,000 | | | $ | -0- | |
| Mark A. Zody | Executive Vice President and Chief Financial Officer | | $ | 240,000 | | | $ | 12,000 | |
| Rory G. Ritrievi | Executive Vice President and Chief Lending Officer | | $ | 265,000 | | | $ | 12,000 | |
| James R. Ridd | Senior Vice President and Chief Credit Officer | | $ | 180,000 | | | $ | 6,000 | |
| D. Scott Huggins | Senior Vice President and Chief Risk Officer | | $ | 180,000 | | | $ | 6,000 | |
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. |
| | ----------------------------------------------- |
| | (Registrant) |
| | |
| | |
| Date: November 6, 2008 | /s/ Mark A. Zody |
| | ----------------------------------------------- |
| | Mark A. Zody |
| | Chief Financial Officer |
