Unassociated Document
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): May 30, 2008
HERITAGE COMMERCE
CORP
(Exact
name of registrant as specified in its charter)
|
California
|
000-23877
|
77-0469558
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
150
Almaden Boulevard, San Jose, California
|
95113
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code: (408) 947-6900
|
|
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 (See General Instruction A.2. below):
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On May
30, 2008, Heritage Bank of Commerce, the wholly-owned subsidiary of Heritage
Commerce Corp, filed a law suit in the Superior Court of the State of California
for the County of Santa Clara to recover a $4,000,000 secured loan, a $827,073
unsecured loan and a $224,521 overdraft and accrued interest and collection
costs from William J. Del Biaggio III (aka “Boots” Del Biaggio) and Sand Hill
Capital Partners III, LLC, a California limited liability
company. All of the loans are in default under their
respective loan terms. The complaint also alleges that the securities
account collateralizing the secured loan may not be recoverable, and
Heritage Bank of Commerce has named as an additional defendant Merriman
Curhan Ford & Co., a California corporation, the securities firm that held
the securities collateral account. As a result, for the quarter ending June 30,
2008, Heritage Bank of Commerce anticipates that it will most
likely record an additional provision for loan losses approximating the
above mentioned loan balances, subject to continuing analysis of information
regarding this matter. In addition, Heritage Bank of Commerce will place these
loans on non-accrual status in the quarter ending June 30, 2008.
William J.
Del Biaggio III (aka “Boots” Del Biaggio) is not a director, officer or employee
of Heritage Bank of Commerce or Heritage Commerce Corp. He is the son of William
J. Del Biaggio, Jr., a director and executive officer with Heritage Bank of
Commerce and Heritage Commerce
Corp.
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 thereunto
duly authorized.
Dated: June
5, 2008
Heritage
Commerce Corp
By: /s/ Lawrence D.
McGovern
Name:
Lawrence D. McGovern
Executive
Vice President and Chief Financial Officer