UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION~~

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~~Report

~~Date of~~Pursuant ~~Report~~to Section 13 or 15(~~Date~~d) of ~~earliest~~the Securities ~~event~~Exchange ~~reported):~~Act ~~August~~of ~~23, 2006~~1934

Date of Report (Date of Earliest Event Reported): December 22, 2006

NATIONAL MERCANTILE BANCORP

(Exact ~~name~~Name of ~~registrant~~Registrant as ~~specified~~Specified in its ~~charter~~Charter)

California	0-15982	95-3819685
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer Identification No.)
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
Incorporation)
1880 Century Park East
1880 Century Park East, Suite 800		90067
Los Angeles, CA 90067
Los Angeles, California		(Zip Code)
(Address of Principal Executive Offices)
(Address of principal
(310) 277-2265
executive offices)
(Registrant’s Telephone Number)

~~Registrant’s telephone number, including area code (310) 277-2265~~N/A

~~Not Applicable~~ (Former ~~name~~Name or Former ~~former address~~Address, if ~~changed~~Changed ~~since~~Since ~~last~~Last ~~year~~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):

o Written ~~communications~~ communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

o Soliciting ~~material~~ material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 32.0104. ~~Notice~~Triggering ofEvents ~~Delisting~~That Accelerate or ~~Failure~~Increase ~~to Satisfy~~ a ~~Continued~~Direct ~~Listing~~Financial ~~Rule~~Obligation or ~~Standard;~~an ~~Transfer~~Obligation ofUnder ~~Listing.~~an Off-Balance Sheet Arrangement

~~The Company~~On ~~announced~~December ~~that~~22, it2006, ~~will~~National ~~request~~Mercantile ~~a hearing before the NASDAQ Listing~~Bancorp ~~Qualifications Panel~~ (the “~~Panel~~Company”) innoticed ~~response to~~ the ~~receipt~~redemption ofon aJanuary ~~NASDAQ~~25, ~~Staff Determination~~2007 ~~letter~~of onall ~~August~~of ~~23,~~its outstanding ~~2006~~10.25% ~~indicating~~Junior ~~that~~Subordinated ~~the~~Deferrable ~~Company~~Interest isDebentures ~~not~~due inJuly ~~compliance~~25, ~~with~~2031 (the ~~filing~~“Debentures”), ~~requirements~~which ~~for~~are ~~continued~~held ~~listing~~by asNational ~~set~~Mercantile ~~forth in~~Capital ~~Marketplace~~Trust I ~~Rule 4310~~(cthe “Trust”)~~(14)~~. ~~As anticipated, the letter was issued in~~The ~~accordance~~redemption ~~with~~price ~~NASDAQ~~will ~~procedures~~be ~~due~~107.6875% toof the ~~delayed~~aggregate ~~filing~~$15,464,000 ~~of the Company’s~~principal ~~Form~~amount ~~10-QSB~~of ~~for~~ the ~~quarter~~Debentures, ~~ended~~plus ~~June~~approximately 30$793,000 ~~2006. Pending~~of aaccrued ~~decision by~~interest ~~the~~thereon ~~Panel,~~through ~~National Mercantile Bancorp shares will remain listed on~~ the ~~NASDAQ Stock~~redemption ~~Market~~date. ~~A copy of National Mercantile Bancorp’s press release is attached hereto as Exhibit 99.1.~~

~~Item~~The 9Debentures were originally issued on July 16, 2001 and, in accordance with their terms, are subject to redemption at the Company’s option on or after July 25, 2006.01 Pursuant ~~Financial~~to ~~Statements~~the terms of its Amended and ~~Exhibits~~Restated Declaration of Trust, the Trust is required to use the proceeds it receives from the redemption of the Debentures to redeem on the same day and at the same redemption price all of the outstanding preferred securities and common securities of the Trust. The Company holds all of the Trust’s common securities, with a stated aggregate liquidation amount of $464,000, therefore, the net redemption cost to the Company will be approximately $1.2 million.

~~(d)~~The ~~Exhibits~~Company intends to fund the redemption price from the proceeds of its planned sale and issuance in January 2007 of additional trust preferred securities. The Company has proposals but no current agreement or commitment, however, with respect to such financing. In the event it is unable to complete the new trust preferred securities financing before the redemption date, the Company intends to fund the payment of the redemption price out by securing other debt.

As a result of these transactions, the Company will incur a one-time charge for financial statement purposes of approximately $1.6 million, during the fourth quarter 2006. The one-time charge reflects the contingent ~~following~~liability ~~exhibit~~accrual isfor ~~filed~~the ~~herewith:~~redemption premium to be paid and the impairment of approximately $400,000 unamortized Debentures issuance costs.

	Exhibit Number			Description
99.1				Text of press release issued by National Mercantile Bancorp dated August 28, 2006.

Please see the Company’s press release announcing the redemption attached as Exhibit 99.1 hereto and incorporated herein by reference.

~~Signature~~Item 9.01. Financial Statements and Exhibits

~~Pursuant~~The tofollowing ~~the~~exhibit ~~requirements~~is ofcontained ~~the~~in ~~Securities Exchange Act of 1934, the registrant has duly caused~~ this report ~~to be signed on its behalf by the undersigned hereunto duly authorized.~~ :

NATIONAL MERCANTILE BANCORP (Registrant) By: /s/ David R. Brown David R. Brown Executive Vice President and Chief Financial Officer

Exhibit No.		Description

99.1		Press Release dated December 26, 2006

~~Date: August 28, 2006~~2

2SIGNATURES

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.

Dated: December 26, 2006	NATIONAL MERCANTILE BANCORP


	By:	/s/ David R. Brown
		David R. Brown
		Chief Financial Officer

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