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): January 24, 2012
NEW CENTURY BANCORP, INC.
(Exact name of registrant as specified in its charter)
| North Carolina | 000-50400 | 20-0218264 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 700 W. Cumberland Street, Dunn, North Carolina | 28334 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (910) 892-7080
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:
| ¨ | 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 24, 2012, New Century Bancorp, Inc. (the “Company”), appointed Ronald V. Jackson to its board of directors and to the board of directors of its wholly-owned subsidiary, New Century Bank.
Mr. Jackson is president of Clinton Truck and Tractor Co., Clinton, NC, and serves, or has served, the Clinton and greater Sampson County area in numerous capacities over the course of his career, including as President of Sampson County Friends of Agriculture, as past Treasurer and executive board member of the NC Agri Business Council, and as past President of the Clinton Area Chamber of Commerce. Mr. Jackson has previously served on New Century Bank’s Clinton Advisory Board.
The Company has not yet determined the committees of the board of directors on which Mr. Jackson will serve.
As a member of the board of directors of the Company, Mr. Jackson will receive a cash fee for each board and committee meeting attended, along with a monthly cash retainer. He will be eligible to participate in the Company’s Directors’ Deferral Plan, under which individual directors may elect annually to defer receipt of all or a designated portion of their fees for the coming year. Fees deferred under the plan are used to purchase shares of the Company’s common stock by the administrator of the plan, with such deferred compensation disbursed in the future as specified by the director at the time of the deferral election. Mr. Jackson will also be eligible to receive awards under the Company’s 2010 Omnibus Stock Ownership and Long-Term Incentive Plan. Awards under this plan may be issued in the form of stock options, restricted stock, long-term incentive compensation units, or stock appreciation rights.
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.
| NEW CENTURY BANCORP, INC. | ||||||
| By: | /s/ Lisa F. Campbell |
|||||
| Lisa F. Campbell | ||||||
| Executive Vice President, Chief Financial Officer and Chief Operating Officer | ||||||
Dated: April 4, 2012