UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON
,
D.C.
20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER: 0-49892
CUSIP NUMBER:
694864109
☐
Form 10-K ☐ Form 20-F [
X
]
Form 10-Q
☐ Form
10-D ☐ Form N-SAR
For
Period Ended: March 31, 2010
☐
Transition Report on Form 10-K
☐
Transition Report on
Form 20-F
☐
Transition Report on
Form 11-K
☐
Transition Report on Form 10-Q
☐
Transition Report on
Form N-SAR
For
the Transition Period Ended:
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Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
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If
the notification relates to a portion of the filing checked above, identify the
Item(s) to which the notification relates: N/A
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PART I -- REGISTRANT INFORMATION
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Pacific
State Bancorp
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Full Name of Registrant
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Former Name if Applicable
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1899 W. March Lane
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Address of Principle Executive Office
(Street
and Number)
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Stockton,
California 95207
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City, State and Zip Code
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PART
II - RULES 12B-25(b) AND (c)
If
the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule
12B-25
(b), the
following should be completed. (Check box if appropriate)
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[
X
]
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(a)
The reason described in reasonable detail in Part III of this form could not
be eliminated without unreasonable effort or expense;
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[
X
]
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(b)
The subject annual report, semi-annual report, transition report on Form
10-K, Form 20-F, Form 11-K or Form N-SAR, or portion thereof, will be filed
on or before the fifteenth calendar day following the prescribed due date; or
the subject quarterly report or transition report on Form 10-Q or subject
distribution report on Form 10-D, or portion thereof, will be filed on or before
the fifth calendar day following the prescribed due date; and
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(c)
The accountant's statement or other exhibit required by Rule
12B-25
(c)
has been attached if applicable.
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PART
III--NARRATIVE
State
below in reasonable detail why forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, or
the transition report or portion thereof, could not be filed within the
prescribed time period.
The
registrant encountered difficulties in completing the accounting and reporting
for certain disclosures and could not complete the report in sufficient time to
permit the filing of the 10-Q without unreasonable expense and effort.
PART IV--OTHER INFORMATION
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1.
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Name
and telephone number of person to contact in regard to this notification
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Donald Kalkofen
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(209)
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870-3207
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(Name)
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(Area Code)
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(Telephone Number)
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2.
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Have
all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the
answer is no, identify report(s).
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[
X
] Yes
☐ No
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3.
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Is
it anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
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☐
Yes [X]
No
If
so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Explanation
provided in response to Part IV(3):
The
Company anticipates reporting net loss of approximately $2.333 million and
for the quarter ended March 31, 2010 as compared to net loss of $294 thousand
for the quarter ended March 31, 2009. The increase in net loss was due to
increased other real estate owned expenses of $895 thousand, elevated levels in
nonperforming assets resulting in a decrease in net interest income of $1.607
and a write-down of $734,000 in net tax deferred asset.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
The
statement in this Form 12b-25 of the Company's estimate of its net income
for the quarter ended March 31, 2010 constitutes a "forward looking
statement" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. This estimate is subject to the risk that the
actual net income may vary from the estimate because of adjustments made in
connection with the finalization of the Company's financial statements for the
quarter, including but not limited to additional provisions for loan loss
reserves. Readers are cautioned not to place undue reliance on this
forward-looking statement, which speaks only as of the date of this 12b-25.
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Pacific State Bancorp
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(Name of Registrant as Specified in Charter)
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has caused this notification to be signed on its
behalf by the undersigned hereunto duly authorized.
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Date: May
18, 2010
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By: /s/ Donald
Kalkofen
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Donald
Kalkofen
Vice
President, Director of Finance
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