Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp (not Community West Bancshares as noted in metadata) on January 29, 2015. The filing addresses the appointment of certain officers and compensatory arrangements under Item 5.02(c).
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation and does not contain financial statements or pro forma financial information.
Material Changes
The material change reported is the retirement of Thomas L. Sommer as Executive Vice President of the Company and its sole subsidiary, Central Valley Community Bank, effective April 30, 2015. Concurrently, a consulting agreement was executed on January 29, 2015.
Guidance, Outlook, and Management Commentary
Mr. Sommer will serve as an independent contractor consultant from May 1, 2015, through December 31, 2015. He will be compensated on an hourly basis for services performed plus expenses. The total amount payable under the agreement is capped at $100,000. No other guidance, risks, or contingencies are disclosed in this filing.
Key Facts for Investor Verification
- Thomas L. Sommer's retirement date is April 30, 2015.
- His subsequent consulting role begins May 1, 2015, and ends December 31, 2015.
- The maximum compensation for the consulting period is $100,000.
- The registrant is Central Valley Community Bancorp, headquartered in Fresno, California.