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
(Date of Earliest
Event Reported)
:
|
September
26, 2007
|
YARDVILLE
NATIONAL BANCORP
(Exact
Name of Issuer as Specified in Charter)
NEW
JERSEY
(State
or Other Jurisdiction of Incorporation or Organization)
|
000-26086
(Commission
File Number)
|
22-2670267
(I.R.S.
Employer Identification Number)
|
2465
KUSER ROAD, HAMILTON, NEW JERSEY 08690
(Address
of Principal Executive Offices)
(609)
585-5100
(Registrant’s
Telephone Number, Including Area Code)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following
provisions:
[ ]
|
Written
communications pursuant to Rule 425 under the Securities
Act
|
[X]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
|
Item
5.02.Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) Compensatory
Arrangements of Certain Officers.
On
September 26, 2007, the Board of Directors of Yardville National Bank, upon
the
recommendation of the Compensation Committee (the “Committee”) of the Board of
Directors of Yardville National Bancorp (the “Company” or “Yardville”):
(1) adopted the 2007 Executive Incentive Plan (the “Plan”); and
(2) approved the grant of cash incentive award opportunities with respect
to the 2007 fiscal year to the Company’s principal executive officer, principal
financial officer and the other named executive officers identified in the
summary compensation table in the Company’s Annual Report on Form 10-K filed on
March 30, 2007 for the year ended December 31, 2006, as amended by the Form
10-K/A filed on May 10, 2007. The award opportunities were granted
pursuant to the Plan and provide the opportunity for each recipient to receive
an award, payable in cash following the end of the applicable calendar-year
performance period, based on the degree to which the company and individual
performance goals established by the Committee have been achieved, as determined
by the Committee and subject to its negative discretion, or otherwise in
accordance with the terms of the grant, provided that the conditions of the
grant are met.
The
award
opportunities are based on the attainment of company and individual performance
goals. The company performance goal is core year-end earnings,
excluding certain one-time expenses related to the Company’s consideration of
strategic alternatives and planned merger with The PNC Financial Services Group,
Inc. (“PNC”), and accounts for one half of the total award opportunity for each
of the award recipients. With respect to the company performance
goal, the Committee designated a target level based on the budget adopted by
the
Company earlier this year and then established a minimum threshold for bonus
eligibility approximately 18% below the target and a stretch target for enhanced
bonus opportunities approximately 18% over the target. The balance of
each award opportunity is tied to the attainment of individual performance
objectives established by the Committee, which focus on a series of strategic
and operational initiatives (such as loan growth, net interest margin,
efficiency ratio, deposit growth, and asset quality).
Potential
award payouts established by the Committee for the granted award opportunities
correspond to the levels of company and individual performance
achieved. If the level of company or individual performance achieved
does not reach at least the threshold level, there is no payout for the company
or individual goal portion of the award opportunity, as the case may be, for
that year. If the level of company or individual performance achieved
reaches the threshold level, but does not reach the target level, payout will
be
based on the threshold level. If the level of company or individual
performance achieved reaches the target level, but does not reach the stretch
level, payout will be based on the target level. Pursuant to the
Plan, the Committee may, at its sole discretion, waive, change or amend any
of
the Plan as it deems appropriate.
The
following table sets forth the names of the Company’s principal executive
officer, principal financial officer and the other named executive officers,
and
the respective potential award payouts under the granted award opportunities,
given the attainment of threshold, target and stretch goals for both company
and
individual performance. Actual payouts will be determined following
the expiration of the performance period, reflect company and individual
performance, separately, and may reflect the discretion of the
Committee.
|
Potential
Award Payouts
|
Executive
Officer
|
Threshold
|
Target
|
Stretch
|
Patrick
M. Ryan
Chief
Executive Officer
of
the Company and the Bank
|
20%
of
base
salary or
$92,000
|
40%
of
base
salary or
$184,000
|
60%
of
base
salary or
$276,000
|
F.
Kevin Tylus, President and
Chief
Operating Officer of the
Company
and the Bank
|
17.5%
of
base
salary or
$57,881
|
35%
of
base
salary or
$115,763
|
52.5%
of
base
salary or
$173,644
|
Jay
G. Destribats
Chairman
of the Board
of
the Company and the Bank
|
7.5%
of
base
salary or
$20,250
|
15%
of
base
salary or
$40,500
|
22.5%
of
base
salary or
$60,750
|
Stephen
F. Carman
Vice
President and Treasurer of the Company and Executive Vice President
and
Chief Financial Officer of the Bank
|
12.5%
of
base
salary or
$26,008
|
25%
of
base
salary or
$52,015
|
37.5%
of
base
salary or
$78,023
|
Daniel
J. O’Donnell
Secretary
of the Company, Executive Vice President and Chief Legal Counsel
of the
Bank
|
15%
of
base
salary or
$29,138
|
30%
of
base
salary or
$58,275
|
45%
of
base
salary or
$87,413
|
It
is
anticipated that the Company will merge with PNC during the fourth quarter
of
2007, prior to the expiration of the performance period covered by the Plan
and
the granted award opportunities. The adoption of the Plan and the
grant of the award opportunities were consented to by PNC in accordance with
the
merger agreement between the Company and PNC. Should the merger with
PNC be consummated prior to the expiration of the performance period or the
payout of any awards under the Plan, PNC will assume the Company’s obligations
under the Plan pursuant to the merger and the merger agreement.
Cautionary
Statement Regarding Forward-Looking Statements
This
report and other statements made from time to time by Yardville’s management
contain express and implied statements relating to Yardville’s future financial
condition, results of operations, plans, objectives, performance, and business,
which are considered forward-looking statements. These may include statements
that relate to, among other things, profitability, liquidity, adequacy of the
allowance for loan losses, plans for growth, interest rate sensitivity, market
risk, regulatory compliance, and financial and other goals. Although we believe
that the expectations reflected in such forward-looking statements are based
on
reasonable assumptions, our expectations may not be achieved. Actual
results may differ materially from those expected or implied as a result of
certain risks and uncertainties, including, but not limited to: our ability
to
consumare a planned transaction with PNC; adverse changes in our loan quality
and the resulting credit risk-related losses and expenses; levels of our loan
origination volume; the results of our efforts to implement our retail strategy
and attract core deposits; compliance with laws and regulatory requirements,
including our formal agreement with the Office of the Comptroller of the
Currency, interest rate changes and other economic
conditions; continued relationships with major customers; competition in
product offerings and product pricing; adverse changes in the economy that
could
increase credit-related losses and expenses; adverse changes in the market
price
of our common stock; and other risks and uncertainties detailed from time to
time in our filings with the United States Securities and Exchange Commission
(the “SEC”), as well as other risks and uncertainties detailed from time to time
in statements made by our management. Yardville assumes no obligation
to update or supplement forward- looking statements except as may be required
by
applicable law or regulation.
Additional
Information About The PNC Merger
Yardville
shareholders are urged to read the proxy statement/prospectus regarding the
proposed merger of PNC and Yardville, which was first mailed to Yardville
shareholders on or about September 5, 2007, because it contains important
information. They may obtain a free copy of the proxy
statement/prospectus and other related documents filed by PNC and Yardville
with
the SEC at the SEC’s web site at http://www.sec.gov. In addition,
documents filed with the SEC by PNC will be available free of charge from
Shareholder Relations at (800) 843-2206. Documents filed with the SEC
by Yardville will be available free of charge from Yardville by contacting
Howard N. Hall, Assistant Treasurer's Office, 2465 Kuser Road, Hamilton, NJ
08690 or by calling (609) 631-6223.
The
directors, executive officers, and certain other members of management and
employees of Yardville are participants in the solicitation of proxies in favor
of the merger from the shareholders of Yardville. Information about the
directors and executive officers of Yardville is set forth in its Annual Report
on Form 10-K filed on March 30, 2007 for the year ended December 31, 2006,
as
amended by the Form 10-K/A filed on May 10, 2007. Additional
information regarding the interests of such participants will be included in
the
proxy statement/prospectus and the other relevant documents filed with the
SEC
when they become available.
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.
|
|
YARDVILLE
NATIONAL BANCORP
|
Date:
|
October
1, 2007
|
By:
|
Stephen
F. Carman
|
|
|
|
Stephen
F. Carman
|
|
|
|
Vice
President and Treasurer
|
Yardville Natl Bancorp (MM) (NASDAQ:YANB)
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