0001104659-10-004100.txt : 20100201 0001104659-10-004100.hdr.sgml : 20100201 20100201104722 ACCESSION NUMBER: 0001104659-10-004100 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100129 ITEM INFORMATION: Bankruptcy or Receivership ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100201 DATE AS OF CHANGE: 20100201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST REGIONAL BANCORP CENTRAL INDEX KEY: 0000356708 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953582843 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10232 FILM NUMBER: 10562129 BUSINESS ADDRESS: STREET 1: 1801 CENTURY PARK EAST CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3105521776 MAIL ADDRESS: STREET 1: 1801 CENTURY PARK EAST CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: GREAT AMERICAN BANCORP DATE OF NAME CHANGE: 19880309 8-K 1 a10-2827_18k.htm 8-K

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: January 29, 2010

(Date of earliest event reported)

First Regional Bancorp

(Exact name of registrant as specified in its charter)

California	000-10232	95-3582843
(State of	(Commission File Number)	(IRS Employer
incorporation)		Identification No.)

1801 Century Park East, Suite 800

Los Angeles, California 90067

(Address of principal executive offices, including zip code)

(310) 552-1776

(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.03. Bankruptcy Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On Friday, January 29, 2010, First Regional Bank (the “Bank”), the wholly-owned subsidiary and principal asset of First Regional Bancorp (the “Company”), was closed by the California Department of Financial Institutions and the Federal Deposit Insurance Corporation (the “FDIC”) was appointed as receiver of the Bank. On the same date, the FDIC transferred substantially all of the assets and liabilities of the Bank to First Citizens Bank of Raleigh, North Carolina.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99 Letter to Shareholders of First Regional Bancorp.

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.

Dated: February 1, 2010

	FIRST REGIONAL BANCORP


	By:	/s/ Thomas E. McCullough
		Thomas E. McCullough
		Corporate Secretary

Exhibit Index

99 Letter to Shareholders of First Regional Bancorp.

EX-99 2 a10-2827_1ex99.htm EX-99

Exhibit 99

First Regional	1801 Century Park East
Bacorp	Los Angeles, CA 90067

To Our Fellow Shareholders:

On Friday, January 29, 2010 the California Commissioner of Financial Institutions closed our subsidiary, First Regional Bank, and appointed the Federal Deposit Insurance Corporation as its receiver. With the assistance of the FDIC substantially all of the assets and liabilities of the bank were assumed by First Citizens Bank of Raleigh, North Carolina.

As you know from our financial reports over the past two years, the current severe economic recession took an enormous toll on the bank’s financial strength, as well as on the financial resources of our customers and their ability to meet their obligations to the bank. In response, we reduced the size of the bank by over $500 million to improve its capital adequacy, and resolved millions of dollars in nonperforming loans and other problem assets. Ultimately, however, even these efforts were not sufficient to save the bank.

In recent months we negotiated a substantial capital infusion with a group of investors that would have solved the bank’s capital and liquidity needs. While the investor group had demonstrated their capability to perform and remained committed to the transaction to the very last, the regulators concluded that the transaction would take too long to consummate and moved to closure.

The closure of First Regional Bank will also have a severe impact on the financial condition of First Regional Bancorp (the “Bancorp”) and the value of your investment in it. First Regional Bank was the only significant asset of the Bancorp, and accounted for virtually all of its earnings and cash flow. Those resources are now lost to us, yet the Bancorp remains obligated for the repayment of trust preferred debt that was incurred in earlier years to support First Regional Bank’s growth. We are currently evaluating how best to achieve an orderly resolution of the Bancorp’s financial situation, and will advise you of developments in this regard as they occur.

The decline and failure of First Regional Bank has been an emotionally draining experience for the members of the board and management, as well as our employees and their families. Clearly this is a sad day for us all, as the hard work and teamwork shared for over thirty years are now history. Despite this ending, we have been honored to serve as your board of directors, and we thank you for your continued support over that period and most especially in the recent trying times.

Sincerely,


/s/ Gary M. Horgan		/s/ H. Anthony Gartshore
Gary M. Horgan		H. Anthony Gartshore
Chairman of the Board		President and Chief Executive Officer