ES Bancshares, Inc. - Current report filing (8-K)
12 Setembro 2008 - 6:05PM
Edgar (US Regulatory)
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): September 9, 2008
ES BANCSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland 000-52178 20-4663714
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
68 North Plank Road, Newburgh, New York 12550
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code: (845) 561-0003
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))
Item 2.02 Results of Operations and Financial Condition.
ES Bancshares, Inc. (the "Company") announced today that it took a charge
to operations relating to its $1 million deposit in Silver State Bank, an FDIC
insured commercial bank which was placed into receivership on September 5, 2008.
The Company believes that the uninsured amount of this deposit is approximately
$900,000.
The Company currently believes that, based on an analysis of its deferred
federal income tax position at June 30, 2008, it will not record any tax benefit
to offset the charge for the period ending September 30, 2008. However, the
Company has the ability to utilize this deduction against future taxable income
and will be able to record the related tax benefit at such time.
If the Company receives any recovery on the $900,000 uninsured amount, such
amount will be added to income from operations. However, there can be no
assurance whether, or when, the Company will receive any recovery of this
uninsured amount.
Management believes that our subsidiary, Empire State Bank, will continue
to exceed the ratios that must be maintained for depository institutions to be
considered "well capitalized" under the guidelines administered by the federal
banking agencies, even if the value of the uninsured portion of our deposit is
determined to have no value.
This report contains certain forwarding-looking statements about the
Company's securities activities. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current facts. They
also include words such as "believe," "expect," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should," "could" or "may."
Certain factors could cause actual results to differ materially from expected
results including changes in the general economic conditions (such as interest
rates, employment levels and real estate values), legislative and regulatory
changes, changes in the Company's business operations and the results thereof
and changes in the securities markets.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired. Not Applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Shell Company Transactions. Not Applicable.
(d) Exhibits. Not Applicable.
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.
ES BANCSHARES, INC.
DATE: September 12, 2008 By: /s/ Anthony P. Costa
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Anthony P. Costa
Chairman and Chief Executive
Officer
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