COMMUNITY WEST BANCSHARES (NASDAQ:CWBC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 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
On March 28, 2017, the Board of Directors of Community West Bancshares (the “Company”) accepted the appointment of Susan C. Thompson to serve as Executive Vice President and Chief Financial Officer of the Company and the Company’s wholly-owned subsidiary, Community West Bank, N.A. commencing on April 1, 2017.
Ms. Thompson, age 54 has served ten of the last sixteen years at Community West, and was Senior Vice President and Controller / Principal Accounting Officer of Western Alliance Bancorporation from November 2009 to June 2013 and Senior Vice President and Controller at Pacific Capital Bancorporation from June 2007 to October 2009. Prior to that, Ms. Thompson served as Chief Financial Officer of Alliance Manufacturing Software International and was a senior auditor with Deloitte and Touche, LLP in their financial services practice.
There have been no transactions since January 1, 2016, involving any relationship between the Company and Ms. Thompson involving an amount that will exceed $120,000 (a “related party transaction”) other than regarding her compensation arrangements discussed below.
There are no family relationships between Ms. Thompson and any directors and executive officers of the Company.
(e) Compensatory Arrangement of Principal Officer
Ms. Thompson will be paid an annual base salary of $205,000. In addition, the Company will establish a deferred compensation account for Ms. Thompson and will deposit into such account an amount equal to 1% of her base pay in effect at the end of each month of her 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.
Upon approval of the Board of Directors, it is anticipated that the Board will grant Ms. Thompson an incentive stock option under the Company’s 2014 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.
Exhibit 99.1 Press Release dated March 29, 2017, titled “Susan Thompson Promoted to Executive Vice President, Chief Financial Officer of Community West Bancshares and Community West Bank.”
About COMMUNITY WEST BANCSHARES (NASDAQ:CWBC)
Community West Bancshares is a bank holding company. The Company provides full-service banking through its subsidiary, Community West Bank, N.A. (the Bank). Through the Bank, the Company provides a range of financial products and services to customers, including lending and deposit products. The Company focuses on professionals, small to mid-sized businesses and individual households. Relationship banking is conducted at the community level through approximately five branch offices in the cities of Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village, California and a loan production office in San Luis Obispo. The Company’s products and services include deposit products, such as checking accounts, savings accounts, money market accounts and fixed rate, fixed maturity certificates of deposits, and lending products, including commercial loans, commercial real estate loans and consumer loans. COMMUNITY WEST BANCSHARES (NASDAQ:CWBC) Recent Trading Information
COMMUNITY WEST BANCSHARES (NASDAQ:CWBC) closed its last trading session up +0.02 at 10.25 with 4,631 shares trading hands.