SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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 27, 2006
NORTH BAY BANCORP | ||
(Exact name of registrant as specified in its charter) | ||
California | 0-31080 | 68-0434802 |
(State or other jurisdiction of incorporation) | (Commission | (IRS Employer |
1190 Airport Road, Suite 101, Napa, California 94558 | ||
(Address of principal executive offices) (Zip Code) | ||
Registrant's telephone number, including area code
(707) 257-8585
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 SecuritiesAct (17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the ExchangeAct (17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) underthe 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-4c))
Item 1.01 Entry into a Material Definitive Agreement
Setting of 2006 Annual Base Salaries and 2005 Bonuses
On February 27, 2006 , the Board of Directors of North Bay Bancorp set the 2006 Annual Base salaries and the 2005 bonuses for its executive officers. The following chart shows the 2006 base salary and the bonuses to be paid in 2006 based on 2005 performance for each executive officer of North Bay:
Executive Officer
Title
2006 Salary
2005 Bonus
Terry L. Robinson
President and CEO North Bay Bancorp;
$225,000
$55,000
CEO The Vintage Bank
Glen C. Terry
President, The Vintage Bank
$165,000
$45,000
John A. Nerland
President, Solano Bank, a Division of
$150,000
$50,000
The Vintage Bank
Kathi Metro-Chinberg
Executive Vice President and Credit
$135,000
$38,500
Administrator
Patrick E. Phelan
Executive Vice President and Chief
$175,000
$ 5,000
Financial Officer
Virginia M. Robbins
Executive Vice President and Chief
$200,000
-0-
Operating Officer
Susan C. Fonseca
Senior Vice President, Human Resources
$ 95,000
$ 23,000
Stephanie Rode
Senior Vice President and Compliance
$120,000
$ 37,000
Risk Manager
Item 8.01. – Other Events
Declaration of Dividends.
On February 27, 2006, the Board of Directors of North Bay Bancorp declared a 5% stock dividend and a $0.15 per share cash dividend for shareholders of record as of March 22, 2006, both payable on April 12, 2006.
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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: March 2, 2006
NORTH BAY BANCORP
/s/ Terry L. Robinson
Terry L. Robinson, President and Chief
Executive Officer (Principal Executive Officer)
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