8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

(Mark One)
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

Date of report March 8, 2002

Commission file number 0-25135

REDDING BANCORP

(Exact name of Registrant as specified in its charter)

California (State or other jurisdiction of incorporation or organization) 1951 Churn Creek Road	94-2823865 (I.R.S. Employer Identification No.)
Redding, Bancorp (Address of principal executive offices)	96002 (Zip Code)

Registrant’s telephone number, including area code: (530) 224-3333

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value per share

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [   ]

Indicate the number of shares outstanding of each of the issuer’s class of common stock,
as of the latest practicable date. January 31, 2002 — 2,703,000

TABLE OF CONTENTS

	Item 5. Other Events
	Item 7. Financial Statements and Exhibits.
SIGNATURES
Exhibit 99.1

     Item 5. Other Events

     Press release for the following (article attached):

     Redding Bancorp, parent company of Redding Bank of Commerce Announces Stock Repurchase Program.

     Item 7. Financial Statements and Exhibits.

     (c)  Exhibits.

     Exhibit 99.1 Redding Bancorp press release dated March 8, 2002.

SIGNATURES

     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.

/s/ Linda J. Miles

By: Linda J. Miles
Executive Vice President & Chief Financial Officer

EX-99.1 3 f79774ex99-1.txt EXHIBIT 99.1 [RBC LOGO] EXHIBIT 99.1 REDDING BANCORP (RDDB) COMPANY PRESS RELEASE FOR INFORMATION CONTACT: MICHAEL C. MAYER, PRESIDENT & CEO REDDING BANCORP PHONE (530) 224-7361, OR LINDA J. MILES, CHIEF FINANCIAL OFFICER PHONE (530) 224-7318 WWW.REDDINGBANKOFCOMMERCE.COM/PORTAL FOR IMMEDIATE RELEASE: REDDING BANCORP, PARENT COMPANY OF REDDING BANK OF COMMERCE ANNOUNCES STOCK REPURCHASE PROGRAM ================================================================================ REDDING, CALIFORNIA, MARCH 8, 2002/ PRNEWSWIRE-- Michael C. Mayer, President and CEO of Redding Bancorp (OTCBB: RDDB), a $300 million asset financial services holding company, and parent company of Redding Bank of Commerce, today announced that the Board of Directors has authorized a common stock repurchase program. The program calls for the repurchase of up to 3.45% of the Company's outstanding shares, or approximately 90,000 shares based on the 2,703,000 shares outstanding as of January 31, 2002. "The Board decision reflects management's confidence in our Company's future. Both RBC Management and the Board of Directors are committed to building shareholder value, and an expanded stock repurchase will benefit shareholders by giving them a choice to participate in the repurchase program and sell their shares back to the Company. This is a distinct opportunity for odd lot investors to take advantage of the program and liquidate their holdings. In addition, the repurchase may qualify for capital gains tax benefits whereas dividends are taxed as ordinary income. The stock repurchase program offers a shareholder-friendly way to distribute cash to the investor," says Mayer. "By capitalizing on the strength of our balance sheet and the sustainability of our cash flows, we are making a long term investment in RBC and improving shareholder returns, through increased return on equity and earnings per share performance." he added. All transactions will be structured to comply with the Securities and Exchange Commission Rule 10b-18 and all shares repurchased under the program will be retired. The repurchase will be executed through the open market. The Company expects to spread the repurchase over the next three calendar quarters. Shareholders interested in participating in the stock repurchase program may contact the following: Dave Bonaccorso or Lisa Gallo Hoefer & Arnett 353 Sacramento Street, 10th Floor San Francisco, CA 94111 3 Telephone: (800) 346-5544 Extension #223 Redding Bancorp, located in Redding California is a bank holding company that owns Redding Bank of Commerce, a federally insured California banking corporation, which opened on October 22, 1982. Redding Bank of Commerce has three full service offices and one focused service office. The full-service offices are located in Redding, California, and Roseville Bank of Commerce, a division of RBC, is located in Roseville, California. The Sunrise office of Roseville Bank of Commerce, located in Citrus Heights, California is a focused service office targeting stable deposit markets. CAUTIONARY STATEMENT: This press release includes forward-looking information, which is subject to the "safe harbor" created by the Securities Act of 1933, and Securities Act of 1934. These forward-looking statements (which involve the Company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Risks and uncertainties which could impact future financial performance include, among others, (a) general economic conditions, either nationally or regionally; (b) competitive pressures in the banking industry; (c) changes in the interest rate environment; (d) changes in the regulatory environment; (d) changes in business conditions or the securities markets and inflation; and possible energy shortages in the State of California. For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2000 under the heading "Risk factors" that may affect results, together with periodic reports filed by the Company when evaluating the business prospects of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 4 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

[RBC LOGO]

                                  EXHIBIT 99.1

REDDING BANCORP (RDDB)
COMPANY PRESS RELEASE

                                                  FOR INFORMATION CONTACT:
                                             MICHAEL C. MAYER, PRESIDENT & CEO
                                                       REDDING BANCORP
                                                   PHONE (530) 224-7361, OR
                                         LINDA J. MILES, CHIEF FINANCIAL OFFICER
                                                   PHONE (530) 224-7318
                                           WWW.REDDINGBANKOFCOMMERCE.COM/PORTAL

FOR IMMEDIATE RELEASE:

REDDING BANCORP, PARENT COMPANY OF REDDING BANK OF COMMERCE
ANNOUNCES STOCK REPURCHASE PROGRAM

================================================================================

REDDING, CALIFORNIA, MARCH 8, 2002/ PRNEWSWIRE-- Michael C. Mayer, President and
CEO of Redding Bancorp (OTCBB: RDDB), a $300 million asset financial services
holding company, and parent company of Redding Bank of Commerce, today announced
that the Board of Directors has authorized a common stock repurchase program.
The program calls for the repurchase of up to 3.45% of the Company's outstanding
shares, or approximately 90,000 shares based on the 2,703,000 shares outstanding
as of January 31, 2002.

"The Board decision reflects management's confidence in our Company's future.
Both RBC Management and the Board of Directors are committed to building
shareholder value, and an expanded stock repurchase will benefit shareholders by
giving them a choice to participate in the repurchase program and sell their
shares back to the Company. This is a distinct opportunity for odd lot investors
to take advantage of the program and liquidate their holdings. In addition, the
repurchase may qualify for capital gains tax benefits whereas dividends are
taxed as ordinary income. The stock repurchase program offers a
shareholder-friendly way to distribute cash to the investor," says Mayer.

"By capitalizing on the strength of our balance sheet and the sustainability of
our cash flows, we are making a long term investment in RBC and improving
shareholder returns, through increased return on equity and earnings per share
performance." he added.

All transactions will be structured to comply with the Securities and Exchange
Commission Rule 10b-18 and all shares repurchased under the program will be
retired.

The repurchase will be executed through the open market. The Company expects to
spread the repurchase over the next three calendar quarters. Shareholders
interested in participating in the stock repurchase program may contact the
following:

                                    Dave Bonaccorso or Lisa Gallo
                                    Hoefer & Arnett
                                    353 Sacramento Street, 10th Floor
                                    San Francisco, CA 94111


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                                 Telephone: (800) 346-5544 Extension #223


Redding Bancorp, located in Redding California is a bank holding company that
owns Redding Bank of Commerce, a federally insured California banking
corporation, which opened on October 22, 1982. Redding Bank of Commerce has
three full service offices and one focused service office. The full-service
offices are located in Redding, California, and Roseville Bank of Commerce, a
division of RBC, is located in Roseville, California. The Sunrise office of
Roseville Bank of Commerce, located in Citrus Heights, California is a focused
service office targeting stable deposit markets.

CAUTIONARY STATEMENT: This press release includes forward-looking information,
which is subject to the "safe harbor" created by the Securities Act of 1933, and
Securities Act of 1934. These forward-looking statements (which involve the
Company's plans, beliefs and goals, refer to estimates or use similar terms)
involve certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Risks and
uncertainties which could impact future financial performance include, among
others, (a) general economic conditions, either nationally or regionally; (b)
competitive pressures in the banking industry; (c) changes in the interest rate
environment; (d) changes in the regulatory environment; (d) changes in business
conditions or the securities markets and inflation; and possible energy
shortages in the State of California.

 For additional information concerning risks and uncertainties related to the
Company and its operations please refer to the Company's Annual Report on Form
10-K for the year ended December 31, 2000 under the heading "Risk factors" that
may affect results, together with periodic reports filed by the Company when
evaluating the business prospects of the Company. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date hereof. The Company undertakes no obligation to revise or publicly
release the results of any revision to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.


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