CENTRAL VALLEY COMMUNITY BANCORP (NASDAQ:CVCY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 (e)Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On February6, 2019, the Executive and Directors’ Resources Committee (“Compensation Committee”) of the Board of Directors of Central Valley Community Bancorp (the “Company”), approved the base salary of the Company’s President and Chief Executive Officer, James M. Ford. Mr.Ford’s salary for 2019 will increase to $350,000. The Compensation Committee also approved payment of annual incentive bonus awards to each of the Company’s executive officers in respect to their individual performance for the year ended December31, 2018. The annual incentive awards were made to the Company’s Management Committee Incentive Plan for executive management.
The following awards were granted:
|
James M. Ford, President and Chief Executive Officer * |
$ |
238,000 |
|
David A. Kinross, Executive Vice President and Chief Financial Officer |
$ |
87,780 |
|
Gary D. Quisenberry, Executive Vice President, Commercial and Business Banking |
$ |
79,870 |
|
Lydia E. Shaw, Executive Vice President, Community Banking |
$ |
68,655 |
|
Patrick J. Carman, Executive Vice President, Chief Credit Officer |
$ |
75,715 |
* Mr. Ford’s incentive will be paid as follows: $142,800 cash, and 5,045 shares of Central Valley Community Bancorp common stock.
The Committee also approved increases in the annual base salaries of the Company’s executive officers. The Committee approved the following base salaries effective as of February24, 2019:
|
David A. Kinross, Executive Vice President and Chief Financial Officer |
$ |
229,000 |
|
Gary D. Quisenberry, Executive Vice President, Commercial and Business Banking |
$ |
230,000 |
|
Lydia E. Shaw, Executive Vice President, Community Banking |
$ |
198,000 |
|
Patrick J. Carman, Executive Vice President, Chief Credit Officer |
$ |
217,000 |
About CENTRAL VALLEY COMMUNITY BANCORP (NASDAQ:CVCY)
Central Valley Community Bancorp is a bank holding company, which operates through its subsidiary, Central Valley Community Bank (the Bank). The Company’s principal business is to provide, through its banking subsidiary, financial services in its primary market area in California. It serves over seven contiguous counties in California’s central valley, including Fresno County, Madera County, Merced County, Sacramento County, San Joaquin County, Stanislaus County, and Tulare County, and surrounding areas through the Bank. The Bank conducts a commercial banking business, which includes accepting demand, savings and time deposits and making commercial, real estate and consumer loans. It provides domestic and international wire transfer services and provides safe deposit boxes and other customary banking services. It operates over 20 full-service banking offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy and Visalia.
