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)
August 8, 2008
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IMPERIAL CAPITAL BANCORP, INC.
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(Exact name of registrant as specified in its
charter)
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Delaware
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1-33199
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95-4596322
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(State
or other jurisdiction
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(Commission
File No.)
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(IRS
Employer
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jurisdiction
of incorporation)
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Identification
Number)
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| 888 Prospect Street, Suite 110, La Jolla, California | 92037 |
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (858)
551-0511
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N/A
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| (Former name or former address, if changed since last report) |
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:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01. Other Events
On August 8,
2008, in connection with its most recent examination by the Federal Deposit
Insurance Corporation (FDIC), the members of the Board of Directors of Imperial
Capital Bank (the Bank), La Jolla, California, a wholly owned subsidiary of
Imperial Capital Bancorp, Inc. (the Company), entered into an informal
supervisory agreement (a memorandum of understanding) with the FDIC and the
California Department of Financial Institutions (DFI) to address certain matters
raised in the examination. Under the terms of the agreement, we have
agreed, among other things, to: (i) formulate a plan to reduce the Bank’s risk
exposure to certain classified assets and loan concentrations, (ii) improve the
internal and external loan grading process, (iii) improve the credit
underwriting and administrative functions in connection with our construction
lending process, (iv) review and improve the Bank’s methodology regarding
determining the adequacy of its allowance for loan losses, as well as
establishing an appropriate reserve allocation for its unfunded loan
commitments, (v) develop and implement a strategic plan to improve earnings and
other key regulatory financial ratios, and (vi) reduce the Bank’s reliance on
volatile funding sources. The Company and the Bank are actively
engaged in responding to the concerns raised in this memorandum of
understanding. Compliance with the terms of the memorandum of
understanding is not expected to have a material adverse effect on Imperial
Capital Bank or Imperial Capital Bancorp, Inc.
2
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.
IMPERIAL CAPITAL
BANCORP, INC.
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Date: August
14,
2008
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By:
/s/ Timothy
M.
Doyle
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Timothy
M. Doyle
Executive
Managing Director and
Chief Financial
Officer
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