-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C7tme0rfjbT/aY/NOi/kXgaVW1IZxcBwx5FwIWI5oLfeXtc27mzT98YwL3qLmADx k5elBTBiGBIb5DS3V/T1Ew== 0000882377-02-000383.txt : 20020521 0000882377-02-000383.hdr.sgml : 20020521 20020521100243 ACCESSION NUMBER: 0000882377-02-000383 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020520 ITEM INFORMATION: Other events FILED AS OF DATE: 20020521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST SENTINEL BANCORP INC CENTRAL INDEX KEY: 0001051092 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 223566151 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23809 FILM NUMBER: 02658545 BUSINESS ADDRESS: STREET 1: 1000 WOODBRIDGE CENTER DRIVE CITY: WOODBRIDGE STATE: NJ ZIP: 07095 BUSINESS PHONE: 7327268700 MAIL ADDRESS: STREET 1: 1000 WOODBRIDGE CENTER DRIVE CITY: WOODBRIDGE STATE: NJ ZIP: 07095 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SOURCE BANCORP INC DATE OF NAME CHANGE: 19971209 8-K 1 d68096.txt FIRST SENTINEL BANCORP INC ================================================================================ 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): May 20, 2002 FIRST SENTINEL BANCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE 000-23809 22-3566151 (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 1000 WOODBRIDGE CENTER DRIVE, WOODBRIDGE, NEW JERSEY 07095 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (732) 726-9700 NOT APPLICABLE (Former name or former address, if changed since 1st report) ================================================================================ ITEMS 1 THROUGH 4, 6, 7, 8 AND 9. NOT APPLICABLE. ITEM 5. OTHER EVENTS. The Registrant has received notice from the lead lender of a loan in which the Registrant has a participation interest that the borrower is expected to default on the terms of its loan agreement. The Registrant's participation interest in this loan totals $6.9 million. The Registrant's interest in the loan is secured by a payment bond issued by a surety company. The bond issuer was notified of this development, and the lead lender has demanded payment on the bond on behalf of all participants. As of May 20, 2002, the surety company failed to provide a timely response regarding its intent to make payment on the bond. The Registrant believes that the payment bond is sufficient collateral to protect against any loss on the loan. However, given the surety company's failure to respond to the lead lender's demand, the Registrant has retained legal counsel and is initiating an independent review of this matter. The Registrant intends to take all appropriate action to pursue payment in full on the bond. At this time, the Registrant cannot determine whether, and to what extent, it will incur a loss on this loan. However, based on the information available to the Registrant at this time, the Registrant believes that its loan loss reserves are adequate. -2- 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. FIRST SENTINEL BANCORP, INC. By: /s/ John P. Mulkerin ------------------------------------- John P. Mulkerin President and Chief Executive Officer Dated: May 21, 2002 -3- -----END PRIVACY-ENHANCED MESSAGE-----