- Current report filing (8-K)
June 03 2010 - 4:21PM
Edgar (US Regulatory)
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): June 3, 2010
Pamrapo Bancorp, Inc.
(Exact name of registrant as specified in its charter)
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New Jersey
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0-18014
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22-2984813
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(State or other Jurisdiction
of incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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611 Avenue C, Bayonne, New Jersey
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07002
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(Address of Principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (201) 339-4600
Not Applicable
(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 1.01
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Entry into a Material Definitive Agreement.
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On June 3, 2010 Pamrapo Savings Bank, S.L.A. (the Bank), without admitting or denying the determinations of the Financial
Crimes Enforcement Network (FinCEN), consented to the assessment of a civil money penalty by FinCEN (Consent Order). Under the Consent Order, FinCEN assessed a civil money penalty of $1 million to be paid to the United States Department
of the Treasury. The execution of the Consent Order and compliance with the terms of the Consent Order constitute a complete settlement and release of the Banks civil liability for violations of the Bank Secrecy Act and its regulations.
A copy of the Consent Order with FinCEN is attached to this report as Exhibit 99.1 and is incorporated by reference herein in
its entirety.
On
June 3, 2010, Pamrapo Bancorp, Inc. (the Company), announced that the Bank, the Companys wholly-owned banking subsidiary, was sentenced by the United States District Court for the District of New Jersey in accordance with the
terms of the plea agreement the Bank entered into with the United States Attorneys Office for the District of New Jersey and the U.S. Department of Justice (collectively, the United States) on March 29, 2010. The plea
agreement, which was previously reported on the Companys Form 10-Q filed with the SEC on May 13, 2010, resolved a previously disclosed investigation into the Banks Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
compliance program, and was approved by the Bank and the United States, and accepted by the Honorable Garrett E. Brown. Jr., Chief District Judge.
At the sentencing held on June 3, 2010, the Court determined that it was appropriate to waive the $500,000 statutory fine provided
for by the United States Sentencing Guidelines based on the recommendation of the United States given that the Bank paid a criminal forfeiture on the date of its plea, March 29, 2010, and paid a civil money penalty to FinCEN. Judge Brown also
sentenced the Bank to 1 year of corporate probation.
The Bank believes that todays sentencing, together with the FinCEN
Consent Order and the previously reported OTS Consent Order dated March 29, 2010, resolve all outstanding government and regulatory actions against the Bank with respect to its BSA/AML compliance programs.
Additionally, the Bank, on June 2, 2010, became aware of the indictment of Brian M. Campbell, the former managing director of the
Banks subsidiary, Pamrapo Services Corporation. The Bank terminated Mr. Campbells employment on February 12, 2009. The Bank has been cooperating and will continue to cooperate with the investigation of Brian Campbell by the
United States.
Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates
ten branch offices in Bayonne, Jersey City, Hoboken, and Monroe, New Jersey.
Item 9.01
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Financial Statements and Exhibits
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Exhibit 99.1 FinCEN Consent Order.
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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.
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PAMRAPO BANCORP, INC.
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Date: June 03, 2010
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By:
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/s/ KENNETH D. WALTER
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Kenneth D. Walter
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Vice President, Treasurer and Chief Financial
Officer,
and
Interim President and Chief Executive Officer
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