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)

 

 March 27, 2014 

 

FNB BANCORP

(Exact name of registrant as specified in its charter)

 

California

(State or other jurisdiction of incorporation)

 

000-49693 92-2115369
 (Commission File Number) (IRS Employer Identification No.)
   
975 El Camino Real, South San Francisco, California 94080
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:     (650) 588-6800

 

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 (see General Instruction A.2. below):

 

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 2.03  Creation of a Direct Financial Obligation of a Registrant.

 

On Thursday, March 27, 2014, FNB Bancorp received funding under a $6,000,000 term loan credit facility. This loan carries a variable rate of interest that fluctuates on a monthly basis. The interest rate is based on the 3 month LIBOR rate plus 4%. Payments of $50,000 in principal plus accrued interest are payable monthly. The maturity date on this credit facility is March 26, 2019. On the maturity date, all outstanding principal plus accrued interest shall become due and payable. FNB Bancorp has pledged it stock ownership in First National Bank of Northern California as collateral subject to the terms and conditions contained in the Loan Agreement and the Pledge and Security Agreement. FNB Bancorp retains the right to prepay this debt at any time upon not less than 7 days' prior written notice to Lender. The proceeds from this loan will be contributed to First National Bank of Northern California as an additional capital contribution. This capital contribution will qualify as Tier 1 capital for First National Bank of Northern California under regulatory capital guidelines.

 

The Exhibits listed below describe more fully the promissory note, the Pledge and Security Agreement, and the FNB Loan Agreement, which are incorporated here by reference.

 

Item 9.01.  Financial Statements and Exhibits.

 

(c)  Exhibits  
                   99.01  Promissory Note
                   99.02  Pledge and Security Agreement
                   99.03  FNB Loan Agreement

 

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.

 

  FNB BANCORP (Registrant)
     
Dated: March 28, 2014 By: /s/ Dave A. Curtis
    Dave A. Curtis
  Senior Vice President and
Chief Financial Officer