1
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): July 16, 2007
DELANCO BANCORP, INC.
---------------------
(Exact name of registrant as specified in its charter)
UNITED STATES 0-52517 36-4519533
------------- ------- ----------
(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
615 BURLINGTON AVENUE, DELANCO, NEW JERSEY 08075
- ------------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (856) 461-0611
--------------
NOT APPLICABLE
--------------
(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))
2
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
------------------------------------------
On July 16, 2007, the Board of Directors of Delanco Bancorp, Inc.
(the "Company"), and its wholly owned subsidiary, Delanco Federal Savings Bank
(the "Bank") approved amendments to the employment agreements previously entered
into 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. Previously, the Company and Bank
employment agreements provided for Messrs. Notigan and Allen to remain in their
current positions and perform their current duties through October 1, 2007, when
Mr. Notigan would step down as Chief Executive Officer and Mr. Allen would
assume that role. The amendments provide that Messrs. Notigan and Allen will
continue to serve in their current positions through December 31, 2007, and that
their current base salaries will remain in effect through that date. Mr.
Notigan's tenure as Chief Executive Officer has been extended though December
31, 2007 so that he can oversee the review of the commercial loan portfolio and
implement a new credit analysis program.
The employment agreements were also amended to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986 dealing with
non-qualified deferred compensation. The Company will file a copy of the amended
employment agreements as exhibits in the quarterly report on Form 10-Q for the
quarterly period ending September 30, 2007.
3
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.
DELANCO BANCORP, INC.
---------------------
(Registrant)
Date: July 16, 2007 By: /s/ Robert M. Notigan
-------------------------------------
Robert M. Notigan
President and Chief Executive Officer