Community West Bancshares Announces Board Changes and Asset Deal
Ticker: CWBC · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1127371
| Field | Detail |
|---|---|
| Company | Community West Bancshares (CWBC) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | medium |
| Pages | 9 |
| Reading Time | 11 min |
| Key Dollar Amounts | $46,800, $30,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, acquisition, corporate-governance
TL;DR
Board shakeup and asset deal at Community West Bancshares.
AI Summary
Community West Bancshares announced on April 1, 2024, the departure of Director David R. Johnson and the appointment of new directors, including Michael J. Riley and John A. Williams. The company also reported on the completion of an acquisition or disposition of assets and filed financial statements and exhibits.
Why It Matters
Changes in board composition and asset transactions can significantly impact a company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — Board changes and asset transactions can introduce uncertainty and signal strategic shifts that may affect future performance.
Key Players & Entities
- Community West Bancshares (company) — Registrant
- David R. Johnson (person) — Departing Director
- Michael J. Riley (person) — Appointed Director
- John A. Williams (person) — Appointed Director
- April 1, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the Board of Directors?
David R. Johnson has departed from the Board of Directors.
Who has been appointed to the Board of Directors?
Michael J. Riley and John A. Williams have been appointed to the Board of Directors.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated April 1, 2024.
What are the main items reported in this 8-K filing?
The filing reports on the completion of an acquisition or disposition of assets, departure/election of directors and officers, and financial statements and exhibits.
What is the state of incorporation for Community West Bancshares?
Community West Bancshares is incorporated in California.
Filing Stats: 2,750 words · 11 min read · ~9 pages · Grade level 11.1 · Accepted 2024-04-03 06:06:55
Key Financial Figures
- $46,800 — urrently receives an annual retainer of $46,800 plus stock awards valued at $30,000. Th
- $30,000 — of $46,800 plus stock awards valued at $30,000. The New Directors will receive their i
Filing Documents
- d815127d8k.htm (8-K) — 57KB
- d815127dex31.htm (EX-3.1) — 35KB
- d815127dex101.htm (EX-10.1) — 90KB
- d815127dex102.htm (EX-10.2) — 87KB
- d815127dex103.htm (EX-10.3) — 87KB
- d815127dex104.htm (EX-10.4) — 85KB
- d815127dex105.htm (EX-10.5) — 84KB
- d815127dex106.htm (EX-10.6) — 85KB
- d815127dex107.htm (EX-10.7) — 85KB
- d815127dex108.htm (EX-10.8) — 85KB
- d815127dex109.htm (EX-10.9) — 84KB
- d815127dex991.htm (EX-99.1) — 13KB
- g815127g93i96.jpg (GRAPHIC) — 6KB
- 0001193125-24-085373.txt ( ) — 1270KB
- cwbc-20240401.xsd (EX-101.SCH) — 2KB
- cwbc-20240401_lab.xml (EX-101.LAB) — 19KB
- cwbc-20240401_pre.xml (EX-101.PRE) — 12KB
- d815127d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (a)
Financial statements of businesses or funds acquired
Financial statements of businesses or funds acquired. Central Valley will file any financial statements, as required by this Item, no later than 71 days after the date on which this Form 8-K is required to be filed. (b) Pro forma financial information. Central Valley will file any financial statements, as required by this Item, no later than 71 days after the date on which this Form 8-K is required to be filed. (d) Exhibits Exhibit No. Description 2.1 Agreement and Plan of Reorganization and Merger by and among Central Valley Community Bancorp and Community West Bancshares, dated October 10, 2023, incorporated by reference to Exhibit 2.1 on Form 8-K filed with the SEC on October 10, 2023. 3.1 Bank Holding Company Merger Agreement, dated March 20, 2024, effective April 1, 2024. 10.1 Employment Agreement between Central Valley Community Bancorp and Martin E. Plourd, dated October 10, 2023. 10.2 Employment Agreement between Community West Bancshares and Community West Bank and Shannon R. Livingston, dated April 1, 2024. 10.3 Employment Agreement between Community West Bancshares and Community West Bank and Patrick A. Luis, dated April 1, 2024. 10.4 Employment Agreement between Community West Bank and Dawn M. Cagle, dated April 1, 2024. 10.5 Employment Agreement between Community West Bank and William F. Filippin, dated April 1, 2024. 10.6 Employment Agreement between Community West Bank and Blaine C. Lauhon, dated April 1, 2024. 10.7 Employment Agreement between Community West Bank and Jeffrey M. Martin, dated April 1, 2024. 10.8 Employment Agreement between Community West Bank and A. Kenneth Ramos, dated April 1, 2024. 10.9 Employment Agreement between Community West Bank and Timothy J. Stronks, dated April 1, 2024. 99.1 Central Valley Press Release dated April 1, 2024. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 5 SIGNATURE Pursuant to the requirements of th