- Notification that Annual Report will be submitted late (NT 10-K)
March 17 2010 - 2:36PM
Edgar (US Regulatory)
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SEC
FILE NUMBER
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000-18560
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CUSIP
NUMBER
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804748101
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check
one):
[X] Form
10-K [ ] Form 20-F [ ] Form
11-K [ ] Form 10-Q [ ] Form 10-D [ ]
Form N-SAR
[ ]
Form N-CSR
For
Period Ended: December 31, 2009
[ ]
Transition Report on Form 10-K
[ ]
Transition Report on Form 20-F
[ ]
Transition Report on Form 11-K
[ ]
Transition Report on Form 10-Q
[ ]
Transition Report on Form N-SAR
For the
Transition Period Ended: ____________________________________
Nothing
in this form shall be construed to imply that the Commission has verified any
information contained herein.
If the
notification relates to a portion of the filing checked above, identify the
Item(s) to which the notification relates: N/A
PART I — Registrant
Information
The Savannah Bancorp,
Inc.
Full Name
of Registrant
N/A
Former
Name if Applicable
25 Bull
Street
Address
of Principal Executive Office
(Street and
Number)
Savannah,
Georgia 31401
City,
State and Zip Code
PART II — Rule 12b-25(b) and
(c)
If the
subject report could not be filed without unreasonable effort or expense and the
registrant seeks relief pursuant to Rule 12b-25(b), the following should be
completed. (Check box if appropriate)
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þ
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(a)
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The
reasons described in reasonable detail in Part III of this form could not
be eliminated without unreasonable effort or expense;
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(b)
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The
subject annual report on Form 10-K, or portion thereof, will be filed on
or before the fifteenth calendar day following the prescribed due date;
and
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(c)
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The
accountant’s statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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PART III —
Narrative
State
below in reasonable detail the reasons why the Form 10-K or portion thereof
could not be filed within the prescribed time period.
The
Savannah Bancorp, Inc. (“Company”) could not file its annual report on Form 10-K
for the period ending December 31, 2009 within the prescribed time period
without unreasonable effort or expense due to unanticipated delays in reviewing
and gathering information that may impact disclosures in the
report. The Company plans to file its annual report on Form 10-K for
the period ending December 31, 2009 within fifteen or fewer calendar
days.
PART
IV — Other Information
(1)
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Name
and telephone number of person to contact in regard to this
notification
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Michael
W. Harden, Jr.
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912
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629-6496
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(Name)
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(Area
Code)
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(Telephone
Number)
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(2)
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Have
all other periodic reports required under section 13 or 15(d) of the
Securities Exchange Act of 1934 or section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s)
been filed? If the answer is no, identify report(s).
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Yes
þ
No
o
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(3)
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Is
it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
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Yes
þ
No
o
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Since
December 31, 2008, there have been a number of developments which have had a
significant impact on the Company’s financial condition and results of
operations for the fiscal year ending December 31, 2009. These
developments include, without limitation, the following:
·
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The
Company has experienced deterioration in the asset quality of its loan
portfolio, which has resulted in an increase in the level of
non-performing assets and the corresponding allowance for loan losses and
charge-offs compared to the fiscal year ended December 31,
2008. The Company expects that non-performing assets will total
approximately $42.4 million at December 31, 2009, as compared to
$35.7 million at December 31, 2008. The Company expects
that the allowance for loan losses will total approximately $17.7 million
at December 31, 2009, as compared to $13.3 million at
December 31, 2008; and
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·
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The
Company’s expects that net income for the year ended December 31,
2009 will total $929,000 compared to $6.0 million for the year ended
December 31, 2008, primarily as the result of a higher provision for
loan losses.
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* *
*
The Savannah Bancorp,
Inc.
(Name of
Registrant as specified in charter)
has
caused this notification to be signed on its behalf by the undersigned thereunto
duly authorized.
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Date:
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March 17, 2010
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By:
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/s/ Michael W.
Harden, Jr.
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Name:
Michael W. Harden, Jr.
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Title: CFO
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