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): March 29, 2007
DELANCO BANCORP, INC.
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(Exact Name of Registrant as Specified in Its Charter)
United States 0-52517 36-4519533
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
615 Burlington Avenue, Delanco, New Jersey 08075
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(Address of principal executive offices) (Zip Code)
(856) 461-0611
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(Registrant's telephone number, including area code)
Not Applicable
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(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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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On March 30, 2007, Delanco Bancorp, Inc. (the "Company"), and its
wholly owned subsidiary, Delanco Federal Savings Bank (the "Bank"), each
executed three-year employment agreements with Robert M. Notigan, President and
Chief Executive Officer of the Company and the Bank, and Douglas R. Allen, Jr.,
Senior Vice President and Chief Financial Officer of the Company and the Bank.
The material terms of employment agreements were previously disclosed in the
Company's Registration Statement on Form SB-2 (File No. 333-139339) (the
"Registration Statement") and forms of the employment agreements were filed as
Exhibits 10.7-10.10 to the Registration Statement.
Also on March 30, 2007, the Bank's employee severance compensation
plan became effective. The material terms of the employee severance compensation
plan were previously disclosed in the Registration Statement and the form of the
plan was filed as Exhibit 10.4 to the Registration Statement.
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
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On March 30, 2007, 899,099 shares of Company common stock, $0.01 par
value, were issued to Delanco MHC in exchange for $8,991. The shares held by
Delanco MHC represent 55% of the Company's outstanding stock and were issued
pursuant to the exemption from registration set forth under Section 4(2) of the
Securities Act of 1933, as amended.
ITEM 8.01 OTHER EVENTS
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On March 29, 2007, the Company announced that it had received
regulatory approval to complete its stock offering, which was consummated on
March 30, 2007. The Company sold 735,626 shares of common stock to eligible
depositors of the Bank, the Delanco Federal Savings Bank Employee Stock
Ownership Plan, and members of the general public at a price of $10.00 per
share. The Company has 1,634,725 shares outstanding, including shares issued to
Delanco MHC.
Shares of the Company's common stock are expected to begin trading on
Monday, April 2, 2007 on the OTC Bulletin Board under the symbol "DLNO."
The press release detailing this announcement is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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(d) Exhibits
Number Description
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99.1 Press release dated March 29, 2007
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 thereunto duly authorized.
Date: March 30, 2007 By: /s/ Robert M. Notigan
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Robert M. Notigan
President and Chief Executive Officer