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
February 23, 2007
(Date of Report (Date of Earliest Event Reported))
UNITED BANCORP, INC.
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(Exact name of registrant as specified in its charter)
MICHIGAN 0-16640 38-2606280
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(State or other jurisdiction Commission (I.R.S. Employer
of incorporation or organization) File Number Identification No.)
205 E. CHICAGO BOULEVARD, TECUMSEH, MI 49286
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(Address of principal executive offices)
(517) 423-8373
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(Registrant's telephone number including area code)
N/A
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(Former name, former address and former fiscal year, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations 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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND ITEM 7.01
REGULATION FD DISCLOSURE
On February 23, 2007, United Bancorp, Inc. announced the revision of
its earnings for the fourth quarter of 2006 and full year ended
December 31, 2006, related to its recognition of a potential
impairment of a large loan and its corresponding increase in the
amount of its Allowance for Loan Losses, as set forth in the press
release included as Exhibit 99.1, which is incorporated herein by
reference.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS.
As a result of the revision of 2006 earnings by the Company, bonuses paid to
members of its management team have been reduced. The bonuses were previously
reported in a Form 8-K filed on January 10, 2007. The amounts reported on that
date and the revised 2006 bonus amounts are shown in the table below:
2006
BONUS AS
ORIGINALLY REVISED 2006
NAME AND POSITION REPORTED BONUS
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Robert K. Chapman, President & Chief Executive Officer $140,337 $127,372
Randal J. Rabe, Executive Vice President; President and 94,126 85,443
Chief Executive Officer of United Bank & Trust
Todd C. Clark, Executive Vice President; President and 69,242 69,604
Chief Banking Officer of United Bank & Trust -- Washtenaw
Dale L. Chadderdon, Executive Vice President & Chief 62,763 59,848
Financial Officer
Gary D. Haapala, Executive Vice President; Executive 32,765 32,765
Vice President -- Wealth Management Group, United Bank & Trust
Thomas C. Gannon, Senior Vice President -- Human 37,350 35,132
Resources & Communication
Jamice W. Guise, Senior Vice President and Chief 33,633 31,636
Marketing Officer
John A. Odenweller, Senior Vice President -- Operations 36,103 34,123
& Technology
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press Release dated February 23, 2007 announcing revision of fourth
quarter and full year 2006 earnings.
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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 thereunto duly authorized.
United Bancorp, Inc.
(Registrant)
By:
Date: February 23, 2007 /S/ Dale L. Chadderdon
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Dale L. Chadderdon
Executive Vice President and
Chief Financial Officer
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