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
May 11, 2009
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(Date of earliest event reported)
HARRINGTON WEST FINANCIAL GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-50066 48-1175170
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
610 Alamo Pintado Road, Solvang, California 93463
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(Address of principal executive offices) (Zip Code)
(805) 688-6644
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
Table of Contents
Item 8.01. Other Events.
SIGNATURE
Item 8.01 Other Events.
On May 11, 2009, Harrington West Financial Group, Inc. (NASDAQ: HWFG) reached
agreement with Concordia Financial Services Fund L.P. (Concordia) with regard to
the outstanding $3.9 million in demand notes due HWFG to purchase 401,150 shares
of common stock at $6.25 per share and 54,001 shares of Series A Preferred
shares. In settlement of the $3.9 million in notes due from Concordia for which
no HWFG shares have been issued, Concordia agreed to convert all of its $2.1
million of its previously issued Series A preferred to HWFG common stock at
$6.25 per share, thus reducing HWFG's dividend payments by $172 thousand per
year. HWFG and Concordia entered into a mutual release from any future claims,
and Concordia agreed to waive its rights in the stock purchase agreements for a
HWFG Board seat and any pre-emptive right on any future equity offerings.
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 thereunto duly authorized.
HARRINGTON WEST FINANCIAL GROUP, INC.
By: /s/ Craig J. Cerny
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Craig J. Cerny
Chairman of the Board and
Chief Executive Officer
Date: May 11, 2009.