Business Context and Reporting Period
This Form 8-K filing by Central Valley Community Bancorp (noted as Community West Bancshares in metadata) covers the event date of December 31, 2013. The report details the termination of a material definitive agreement regarding the company's participation in the U.S. Department of Treasury's Small Business Lending Fund program.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, or liquidity metrics. The specific financial transaction reported is the redemption of preferred stock:
- Shares Redeemed: 7,000 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C.
- Total Redemption Payment: $7,087,500.
- Payment Composition: $1,000 per share plus all accrued and unpaid dividends through the redemption date.
Material Changes
On December 31, 2013, the Company exercised its optional redemption rights to retire all outstanding Series C Preferred Stock held by the U.S. Department of Treasury. Consequently, the obligations under the August 18, 2011 Stock Purchase Agreement were terminated. No additional shares of Series C Preferred remain outstanding.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of new risks or contingencies beyond the completion of the stock redemption.
Investor Verification Checklist
- Verify the cash outflow of $7,087,500 in the company's most recent quarterly or annual cash flow statement.
- Confirm the elimination of the Series C Preferred Stock from the company's balance sheet equity section.
- Review the impact of the terminated dividend obligations on future earnings per share calculations.