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): February 4, 2005
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NORTH VALLEY BANCORP
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(Exact name of registrant as specified in its charter)
CALIFORNIA 0-10652 94-2751350
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(State or other jurisdiction (File Number) (I.R.S. Employer
of incorporation) identification number)
300 Park Marina Circle, Redding, CA 96001
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(Address of principal executive offices and zip code)
(530) 226-2900
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(Registrant's telephone number, including area code)
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 (see General Instruction A.2.below):
[ ] 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 240.13c-4(c))
Item 1.02 Termination of a Material Definitive Agreement.
On February 4, 2005, the Employment Agreement dated August 31, 2004,
between John A. DiMichele and North Valley Bancorp and Yolo Community Bank, was
terminated. Reference should be made to Item 5.02(b) below.
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
(b) On February 4, 2005, the Boards of Directors for North Valley
Bancorp and its wholly owned subsidiary, Yolo Community Bank, accepted the
resignation of John A. DiMichele as President and Chief Executive Officer of
Yolo Community Bank and Executive Vice President of North Valley Bancorp, to be
effective at the close of business on February 4, 2005. As a result, the
Employment Agreement dated August 31, 2004, signed by Mr. DiMichele with Yolo
Community Bank and North Valley Bancorp, was terminated effective Friday,
February 4, 2005. Mr. DiMichele is entitled to certain early termination
benefits as set forth in the Employment Agreement, which was filed as Exhibit
99.71 to the North Valley Bancorp Quarterly Report on Form 10-Q for the period
ended September 30, 2004.
Michael J. Cushman, the current President and Chief Executive Officer
of North Valley Bancorp and North Valley Bank, assumed the title and additional
responsibilities of President and Chief Executive Officer of Yolo Community
Bank, effective immediately upon the resignation of Mr. DiMichele.
SIGNATURE
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.
NORTH VALLEY BANCORP
By: /s/ LEO J. GRAHAM
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Leo J. Graham
Dated: February 7, 2005 General Counsel/Secretary