FORM 8-K: IMPERIAL CAPITAL BANCORP ANNOUNCES BANKRUPTCY OR RECEIVERSHIP

WASHINGTON, Dec. 22 -- IMPERIAL CAPITAL BANCORP, INC., La Jolla, Calif., files Form 8-K (current report) with Securities and Exchange Commission on Dec. 22 to announce bankruptcy or receivership.

Exact name of registrant as specified in its charter is IMPERIAL CAPITAL BANCORP, INC.

State of Incorporation: Delaware

Bankruptcy or Receivership.

On Dec. 18, Imperial Capital Bank (the "Bank"), the principal operating subsidiary of Imperial Capital Bancorp, Inc. (the "Company"), was closed by the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation ("FDIC") was appointed as receiver of the Bank.

As indicated in the FDIC press release dated Dec. 18, subsequent to the closure, City National Bank ("City National") assumed all of the deposits of the Bank, excluding certain brokered deposits, and purchased $3.3 billion of the Bank's assets in a transaction facilitated by the FDIC.

On Dec. 21, the nine branch offices of the Bank reopened as branches of City National. Customers who have questions about the foregoing matters, or who would like more information about the closure of the Bank, can visit the FDIC's Internet website located at http://www.fdic.gov/bank/individual/failed/imperialcapital.html or call the FDIC toll-free at 1-800-613-0523.

A complete copy of the FDIC's press release can be found on the Internet at http://www.fdic.gov/news/news/press/2009/pr09238.html.

On Dec. 18 (the "Petition Date"), the Company filed a voluntary petition under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court, Southern District of California, Case No. 09-19431-11 (the "Chapter 11 Case"). The Company continues to operate its business and manage its affairs as a debtor-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed in the Company's Chapter 11 Case.

The Company intends to file a plan of reorganization. The Company estimates that, as of the Petition Date, its total assets were approximately $40 million and its total liabilities were approximately $130 million.

Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

The bankruptcy filing by the Company on Dec. 18, as reported in Item 1.03 above, has resulted in an event of default under the terms of the Company's outstanding junior subordinated debt securities and related trust preferred securities of ITLA Capital Statutory Trust I, ITLA Capital Statutory Trust II, ITLA Capital Statutory Trust III, ITLA Capital Statutory Trust IV and ITLA Capital Statutory Trust V (collectively the "Trusts"). Upon occurrence of this event of default, the entire outstanding balance and all accrued, but unpaid, interest relating to the Company's outstanding junior subordinated debt securities held by the Trusts became immediately due and payable. As of Dec. 18, the aggregate outstanding balance of the Company's outstanding junior subordinated debt securities was $86.6 million, plus accrued but unpaid interest of approximately $7.0 million as of that date.

More information can be viewed at: http://www.sec.gov/Archives/edgar/data/1000234/000092708909000238/imp-8k122109.htmFor more information please contact: Sarabjit Jagirdar, Email:- htsyndication@hindustantimes.com.