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 26, 2009 (February 20, 2009) |
| | | | | |
| Pennsylvania Commerce Bancorp, Inc. |
| (Exact name of registrant as specified in its charter) |
| | | | | |
| Pennsylvania | | 000-50961 | | 25-1834776 |
| (State or other jurisdiction ofincorporation) | | (Commission File Number) | | (IRS Employer 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.
On February 20, 2009, the Board of Directors of Pennsylvania Commerce Bancorp, Inc. (the “Company”) ratified the following items approved by the Company’s Compensation Committee:
● 2008 cash bonus and stock option grants for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:
| Name | Title | Cash Bonus | Stock Options Grants1 |
| Gary L. Nalbandian | Chairman, President and Chief Executive Officer | $0 | 32,000 |
| Mark A. Zody | Executive Vice President and Chief Financial Officer | $25,000 | 12,000 |
| Mark A. Ritter | Executive Vice President and Chief Operating Officer | $10,000 | 7,000 |
| D. Scott Huggins | Senior Vice President and Chief Risk Officer | $10,000 | 4,000 |
| James R. Ridd | Senior Vice President and Chief Credit Officer | $6,000 | 3,500 |
1 Grants made pursuant to the Company’s 2006 Employee Stock Option Plan at an exercise price of $16.17, the market price on the date of grant.
● 2009 Base Salaries for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:
| Name | Title | Base Salary |
| Gary L. Nalbandian | Chairman, President and Chief Executive Officer | $495,000 |
| Mark A. Zody | Executive Vice President and Chief Financial Officer | $252,000 |
| Mark A. Ritter | Executive Vice President and Chief Operating Officer | $220,000 |
| D. Scott Huggins | Senior Vice President and Chief Risk Officer | $190,000 |
| James R. Ridd | Senior Vice President and Chief Credit Officer | $184,000 |
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.
| Date: February 26, 2009 | | PENNSYLVANIA COMMERCE BANCORP, INC. (Registrant) |
| | | /s/ Mark A. Zody |
| | | ----------------------------------------------- |
| | | Mark A. Zody |
| | | Chief Financial Officer |
