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) November 3, 2014
Community West Bancshares
(Exact name of registrant as specified in its charter)
| California | 000-23575 | 77-0446957 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 445 Pine Avenue, Goleta, California | 93117 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (805) 692-5821
________________________________________________________________________________
(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.
(c) Appointment of New Principal Officer
Community West Bancshares (Company) announced the appointment of Charles S. Kohl to serve as Executive Vice President and Chief Operating Officer of the Company's wholly-owned subsidiary, Community West Bank, N.A., commencing on December 1, 2014. A copy of the press release announcing Mr. Kohl's appointment is filed herewith as Exhibit 99.1.
Prior to joining the Company, Mr. Kohl, age 67, served as Executive Vice President and Director of Operations of 1st Enterprise Bank from 2010, a full service commercial bank in Los Angeles, CA. From 2005 to 2010, Mr. Kohl served as Deputy Managing Director of the Banking Service Division of Imperial Capital Bank/City National Bank.
There has been no transaction since January 1, 2013, involving any relationship between the Company and Mr. Kohl involving an amount that will exceed $120,000 (a "related party transaction") other than regarding his compensation arrangements discussed below.
There are no family relationships between Mr. Kohl and any of the directors and executive officers of the Company.
(e) Compensatory Arrangements of Principal Officer
In connection with his employment described more fully herein, the Company intends to finalize the terms of his employment in a written employment agreement. The employment agreement will be filed during the quarter in which the employment agreement is executed.
Mr. Kohl will be paid an annual base salary of $180,000. In addition, the Company will establish a deferred compensation account for Mr. Kohl and will deposit into such account an amount equal to 1% of his base salary in effect at the end of each month of his employment, with interest on the balance of the deferral account at a rate equal to the then-current rate offered by the Company on a six-month certificate of deposit. The Company will also reimburse Mr. Kohl for relocation expenses up to a maximum of $10,000.
Upon approval of the Board of Directors, it is anticipated that the Board will grant Mr. Kohl an incentive stock option under the Company's 2006 Stock Option Plan representing 20,000 shares of the Company's common stock that will become exercisable over a five-year period.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release dated November 3, 2014, titled "Charles Kohl to Join Community West Bancshares as EVP & Chief Operating Officer."
SIGNATURE
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.
| Community West Bancshares
(Registrant) |
||
| November 3, 2014
(Date) |
/s/ CHARLES G. BALTUSKONIS
Charles G. Baltuskonis Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No.
99.1 Press Release, dated November 3, 2014, titled "Charles Kohl to Join Community West Bancshares as EVP & Chief Operating Officer."