SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended June 30, 2006
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 000-50592
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Kaiser Federal Bank Employees' Savings & Profit Sharing Plan and Trust
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
K-Fed Bancorp
1359 N. Grand Avenue
Covina, California 91724-1016
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SUMMARY ANNUAL REPORT
FOR KAISER FEDERAL BANK EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
This is a summary of the annual report for the Kaiser Federal Bank Employees'
Savings & Profit Sharing Plan and Trust, EIN 95-1867697, Plan No. 002, for the
period July 1, 2005 through June 30, 2006. The annual report has been filed with
the Employee Benefits Security Administration, U.S. Department of Labor, as
required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$190,394. These expenses included $160,046 in benefits paid to participants and
beneficiaries and $30,348 in other expenses. A total of 113 persons were
participants in or beneficiaries of the plan at the end of the plan year,
although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$3,696,087 as of June 30, 2006, compared to $2,994,981 as of January 1, 2005.
During the plan year the plan experienced an increase in its net assets of
$701,106. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $891,500 including employer contributions of $140,194, employee
contributions of $382,862, and earnings from investments of $367,866.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information; and
2. information regarding any common or collective trusts, pooled
separate accounts, master trusts or 103-12 investment entities
in which the plan participates.
To obtain a copy of the full annual report, or any part thereof, write or call
K-Fed Bancorp, 1359 N. Grand Avenue, Covina, CA 91724, (626) 339-9663.
The plan has met the requirements to waive the annual examination and report of
an independent qualified public accountant. As of the end of the plan year, the
following regulated financial institution(s) held or issued plan assets that
qualified under the waiver: The Bank of New York $3,696,087. You have the right,
upon request of the Plan Administrator and without charge, to examine or receive
copies of statements from the regulated financial institutions describing the
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qualifying plan assets. If you are unable to examine or obtain these documents,
contact a EBSA Regional Office for assistance. Information about contacting EBSA
regional offices can be found on the Internet at http://www.dol.gov/ebsa.
You also have the legally protected right to examine the annual report at the
main office of the plan (K-Fed Bancorp, 1359 N. Grand Avenue, Covina, CA 91724)
and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy
from the U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, Room N1513, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue, N.W., Washington, D.C. 20210.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
KAISER FEDERAL BANK
EMPLOYEES' SAVINGS & PROFIT SHARING
PLAN AND TRUST
Date: November 30, 2006 By: /s/ Kay M. Hoveland
Name: Kay M. Hoveland
Title: Plan Administrator