SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
VALLEY NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-0825336
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
1234 East Main Street, El Cajon, California 92021
(Address of Principal Executive Offices) (Zip Code)
Valley National Corporation 401(k)/Profit Sharing Plan
(Full title of the plan)
Mr. William V. Ehlen, President
Valley National Corporation
1234 East Main Street
El Cajon, CA 92021
(Name and address of agent for service)
(619) 593-3330
(Telephone Number, including area code,
of agent for service)
(619) 593-3344
(Fax number of agent for service)
The Commission is requested to send copies of all notices and other
communications to:
James K. Sterrett, Esq.
Dostart Clapp Sterrett & Coveney, LLP
4370 La Jolla Village Drive, Suite 970
San Diego, CA 92122
Telephone: (619) 623-4200
Fax: (619) 623-4299
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CALCULATION OF REGISTRATION FEE
Proposed maximum Proposed maximum Amount of
Title of Securities to be Amount to be offering price aggregate offering registration
Registered Registered(1) per share(2) price(2) fee(2)
Common stock, par value $0.0001 per 20,000 $18.375 367,500 $102.17
share
(1) This Registration Statement shall also cover any additional shares of
Common Stock which may become issuable under the Valley National Corporation
401(k)/Profit Sharing Plan by reason of any stock dividend, stock split,
recapitalization or any other similar transaction effected without receipt of
consideration which results in an increase in the number of outstanding
shares of Common Stock.
(2) Estimated solely for purpose of calculating the registration fee pursuant
to Rule 457(h) on the basis of the average of the high and low prices of the
Common Stock on the Nasdaq National Market System as of a date within five
business days preceding the date of filing of this Registration Statement.
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PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of Form
S-8 will be sent or given to participating officers and employees as
specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the
"Securities Act"). The documents and the documents incorporated by reference
in this Registration Statement pursuant to Item 3 of Part II below, taken
together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. Incorporation of Documents by Reference.
Valley National Corporation, a Delaware corporation (the
"Company"), hereby incorporates by reference into this Registration Statement
on Form S-8 (the "Registration Statement") the following documents which have
heretofore been filed by the Company with the Securities and Exchange
Commission (the "Commission"):
(a) Valle de Oro Bank, N.A.'s Annual Report on Form 10-KSB for the
year ended December 31, 1998, as filed with the Commission on March 31, 1999.
(b) The Company's Proxy Statement-Prospectus filed as part of the
Company's Registration Statement on Form S-4 (Reg. No. 333-67661), as filed
with the Commission on November 20, 1998, Amendment No. 1 to the Registration
Statement filed with the Commission on January 26, 1999, and Amendment No. 2
to the Registration Statement filed with the Commission on February 18, 1999.
(c) All documents subsequently filed by the Company or the Valley
National Corporation 401(k)/Profit Sharing Plan pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference into this Registration Statement and
to be a part hereof from the date of filing of such documents.
Any statements contained in a document incorporated by reference
herein shall be deemed to be modified or superseded for purposes hereof to
the extent that a statement contained herein (or in any other subsequently
filed document which is also incorporated by reference herein) modifies or
supersedes such statement. Any statement so modified or superseded shall not
be deemed to constitute a part of this Registration Statement except as so
modified or superseded.
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ITEM 4. Description of Securities.
Not applicable.
ITEM 5. Interests of Named Experts and Counsel.
Certain legal matters with respect to the validity of the shares of
Company Common Stock offered hereby will be passed upon by Dostart Clapp
Sterrett & Coveney, LLP, San Diego, California.
ITEM 6. Indemnification of Directors and Officers
Section 145 of the General Corporation Law of the State of
Delaware: (i) gives Delaware corporations broad powers to indemnify their
present and former directors and officers and those of affiliated
corporations against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred in connection
with threatened, pending or completed actions, suits or proceedings to which
they are parties or are threatened to be made parties by reason of being or
having been such directors or officers, subject to specified conditions and
exclusions; (ii) gives a director or officer who successfully defends an
action the right to be so indemnified; and (iii) permits a corporation to
buy directors' and officers' liability insurance. Such indemnification is
not exclusive of any other rights to which those indemnified may be entitled
under any bylaw, agreement, vote of stockholders or otherwise.
Article VI of Valley National Corporation's Bylaws requires Valley
National Corporation to indemnify its directors and officers to the maximum
extent permitted by the General Corporation Law of the State of Delaware.
Article X of Valley National Corporation's Certificate of Incorporation also
provides that Valley National Corporation shall indemnify and advance
expenses to its directors, officers, employees or agents to the fullest
extent permitted by applicable law.
Valley National Corporation intends to enter into individual
agreements with each of its directors and executive officers pursuant to
which Valley National Corporation will agree to indemnify each of its
directors and executive officers to the fullest extent provided by applicable
law and the Bylaws of Valley National Corporation as currently in effect.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers or persons
controlling Valley National Corporation pursuant to the foregoing provisions,
Valley National Corporation has been informed that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in such Act and therefore unenforceable.
Valley National Corporation intends to purchase insurance policies
containing customary terms and conditions for the purpose of insuring its
directors and officers against certain losses incurred by them as a result of
claims based upon their actions or statements (including omissions to act or
make statements) as directors and officers which may cover liabilities under
the Securities Act.
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Valley National Corporation also maintains an insurance policy
insuring those individuals who are fiduciaries, as defined by the Employee
Retirement Income Security Act of 1974, under certain employee benefit plans
of Valley National Corporation and its subsidiaries against certain losses
incurred by them as a result of claims based on their responsibilities,
obligations and duties under such Act.
Section 102(b)(7) of the General Corporation Law of the State of
Delaware permits a Delaware corporation to include in its certificate of
incorporation a provision eliminating the potential monetary liability of a
director to the corporation or its stockholders for breach of fiduciary duty
as a director, provided that such provision shall not eliminate the liability
of a director (i) for any breach of the director's duty of loyalty to the
corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law,
(iii) for improper payment of dividends, or (iv) for any transaction from
which the director receives an improper personal benefit. Valley National
Corporation's Certificate of Incorporation includes such a provision in
Article IX thereof.
ITEM 7. Exemption from Registration Claimed.
Not applicable.
ITEM 8. Exhibits.
Exhibit
Number Description of Exhibit
4.1 Valley National Corporation's Certificate of Incorporation,
filed as Exhibit (3)A. to the Company's Registration Statement
on Form S-4 (Registration No. 333-67661) is incorporated
herein by reference.
4.2 Valley National Corporation's Certificate of Incorporation,
filed as Exhibit (3)B. to the Company's Registration Statement
on Form S-4 (Registration No. 333-67661) is incorporated
herein by reference.
5 Opinion of Dostart Clapp Sterrett & Coveney, LLP regarding
Valley National Corporation Common Stock and Consent.
23.1 Consent of KPMG LLP, Independent Auditors.
23.2 Consent of PricewaterhouseCoopers LLP, Independent Accountants.
24 Powers of Atorney (included as part of the Signature Page of
this Registration Statement).
99.1 Valle de Oro Bank, N.A. 401(k)/Profit Sharing Plan, filed as
Exhibit 10.7 to the Company's Registration Statement on Form
S-4 (Registration No. 333-67661) is incorporated herein by
reference.
99.2 Nonstandardized Adoption Agreement Prototype Cash or Deferred
Profit Sharing Plan and Trust Sponsored by Prudential Mutual
Fund Management, Inc.
99.3 Amendment to Nonstandardized Adoption Agreement to Valle de
Oro Bank, N.A. 401(k)/Profit Sharing Plan.
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ITEM 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement.
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) to reflect in the prospectus any facts or events arising
after the effective date of this Registration Statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in this Registration
Statement; and
(iii) to include any material information with respect to the plan
of distribution not previously disclosed in this Registration
Statement or any material change to such information in this
Registration Statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
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such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of
its counsel the matter has been settled by controlling precedent, submit to a
court of appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of El Cajon, State of California, on
March 17, 1999.
VALLEY NATIONAL CORPORATION
By: /s/ William V. Ehlen
-----------------------------------
Name: William V. Ehlen
Title: President and Director
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints William V. Ehlen and C. K. Hill, or either one
of them, his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign any and all amendments (including
post-effective amendments) to this Registration Statement and any subsequent
registration statements relating to the offering to which this Registration
Statement relates, and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully and to
all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or either of them,
or their or his substitutes or substitute, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
/s/ William V. Ehlen /s/ C. K. Hill
---------------------------------- ----------------------------------
William V. Ehlen, President C. K. Hill, O.D., Secretary and
and Director Director
/s/ James F. Carroll /s/ Philip J. Gelber
---------------------------------- ----------------------------------
James F. Carroll, Chairman of Philip J. Gelber, M.D., Director
the Board and Director
/s/ Samuel M. Ciccati /s/ Obert D. "Dale" Conway
---------------------------------- ----------------------------------
Samuel M. Ciccati, Ph.D., Director Obert D. "Dale" Conway, Director
/s/ Paul M. Cable
---------------------------
Paul M. Cable, Treasurer, Chief
Financial Officer and Principal
Accounting Officer
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Pursuant to the requirements of the Securities Act of 1933, the Trustee and
the Plan Administrator set forth below have duly caused this Registration
Statement to be signed on their behalf by the undersigned, thereunto duly
authorized, in the City of El Cajon, State of California, on March 17, 1999.
Prudential Bank & Trust Company
By: /s/ James M. Peacock
---------------------------------------
Trustee
Valle de Oro Bank, N.A.
By: /s/ William V. Ehlen
---------------------------------------
William V. Ehlen, Plan Administrator
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