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): April 15, 2008
Monadnock Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 000-50810 20-4649880
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
1 Jaffrey Road, Peterborough, NH 03458
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 924-9654
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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 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 18, 2008, Monadnock Bancorp, Inc. issued a press release disclosing
its March 31, 2008 financial results.
A copy of the press release is included as Exhibit 99.1 to this report and is
being furnished to the SEC and shall not be deemed filed for any purpose.
ITEM 8.01 OTHER EVENTS
On April 15, 2008, the Monadnock Community Bank Employee Stock Ownership Plan
Trust entered into a loan agreement with Rollstone Bank & Trust to refinance
the ESOP loan which was previously held by Monadnock Bancorp, Inc. The loan was
refinanced with a third party lender in order to provide additional liquidity
for Monadnock Bancorp, Inc. The newly refinanced loan is being guaranteed by
Monadnock Bancorp, Inc. The amount of the refinanced ESOP loan is for $400,000
at an interest rate of 5.25%, floating quarterly at a rate of interest tied to
the Prime Rate with the first reset on July 1, 2008. The loan has an interest
rate floor of 5%. Interest only payments are scheduled to be made beginning May
15, 2008 and continuing monthly thru December 15, 2008. Principal and interest
payments will then be made beginning January 15, 2009 and continuing to April
15, 2018. The outstanding term of the loan was reduced from thirteen years to
ten years.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(A) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED: None
(B) PRO FORMA FINANCIAL INFORMATION: None
(C) SHELL COMPANY TRANSACTIONS: None
(D) EXHIBITS:
Exhibit 99.1- Press Release
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.
Monadnock Bancorp, Inc.
Date: April 15, 2008 By: /s/ William M. Pierce, Jr.
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William M. Pierce, Jr.
President and Chief Executive Officer