UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) May 25, 2010
Heritage Oaks Bancorp
(Exact Name of Registrant as Specified in Its Charter)
California
(State or Other Jurisdiction of Incorporation)
| 000-05020 | 77-0388249 |
| (Commission File Number) | (IRS Employer Identification No.) |
545 12th Street, Paso Robles CA | 93446 |
| (Address of Principal Executive Offices) | (Zip Code) |
(805) 369-5200
(Registrant’s Telephone Number, Including Area Code)
_______________________________________________
(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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 8 – Other Events
Item 8.01 Other Events
Following consultation with, and receipt of a recommendation from, the Federal Reserve Bank of San Francisco (the “FRB”), on May 25, 2010 Heritage Oaks Bancorp (the “Company”) elected to defer regularly scheduled payments on its outstanding junior subordinated debentures, totaling approximately $5 million, relating to a portion of its outstanding trust preferred securities (the “Security”) for a period of 20 consecutive quarters (the “Deferral Period”). The terms of the Security and the trust documents allow the Company to defer payments of interest for the Deferral Period without default or penalty. During the Deferral Period, the Company will continue to recognize interest expense associated with the Security. Upon the expiration of the Deferral Pe riod, all accrued and unpaid interest will be due and payable. During the Deferral Period, the Company is prevented from paying cash dividends to shareholders or repurchasing stock.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01. Exhibits
(d) None
SIGNATURE
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: June 1, 2010
| Heritage Oaks Bancorp | |
| By: | /s/ Margaret Torres |
| Margaret Torres | |
| Chief Financial Officer |