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) October 1, 1996
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California Independent Bancorp
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Exact name of registrant as specified in its charter)
California 0-26552 68-0349947
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(State of Incorporation) Commission File Number) (IRS Employer
Identification No.)
1005 Stafford Way, Yuba City, California 95991
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(Address of principal executive offices)
Registrant's telephone number, including area code (916) 674-4444
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(Former name or former address, if changed since last report.)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On October 1, 1996, California Independent Bancorp's (the "Company")
principal subsidiary Feather River State Bank (the "Bank"), acquired all of the
outstanding shares of E.P.I. Leasing Co., Inc. ("EPI") from EPI's sole owner
Carolyn E. Roth ("Roth") for cash. Ms. Roth is an unaffiliated party. EPI will
be operated as a separate subsidiary of the Bank.
The purchase price for the shares of EPI is an amount equal to EPI's
cash and accounts receivable, leasing fees to be collected in the future, plus
$100,000 for EPI's physical assets and $240,000 for EPI's goodwill.
The Bank also entered into a three year employment agreement with Roth and
a Non-Competition Agreement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) (1) Not applicable as EPI is not a significant subsidiary in
accordance with Reg. S-X Section 1-02(w).
(2) Not applicable.
(3) Not applicable.
(4) Not applicable
(b) (1) Not applicable
(2) Not applicable
(c) (i) Stock Purchase Agreement dated September 16, 1996 between
the Bank and Roth, and related Employment Agreement and
Noncompetition Agreement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
California Independent Bancorp
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(Company)
Date: October 8, 1996 By: /s/ ANNETTE BERTOLINI
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Annette Bertolini,
Senior Vice President
and Chief Financial Officer
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