Baycom Corp Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Baycom Corp on November 19, 2019. The filing reports a corporate governance event involving the expansion of the Board of Directors and the appointment of a new director.
Financial Metrics
The filing does not provide financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. This report is limited to the disclosure of a director appointment.
Material Changes
The Board of Directors approved an increase in the Board size from eight to nine directors. Syvia L. Magid was appointed to fill the new vacancy, effective December 1, 2019. She will serve until the next annual meeting of stockholders. Additionally, Ms. Magid was appointed to the board of directors of United Business Bank, the Company's wholly owned banking subsidiary, and assigned to the Bank's Asset/Liability Committee.
Outlook, Risks, and Management Commentary
Ms. Magid is a corporate attorney with 25 years of private practice experience, currently a Partner at Fox Rothschild LLP. Her expertise includes mergers, acquisitions, reorganizations, and corporate governance. The filing states there were no special arrangements for her selection, no family relationships with existing directors or officers, and no related party transactions involving her. She will receive compensation in accordance with standard arrangements for non-employee directors as outlined in the Company's 2019 proxy statement.
Key Facts for Investor Verification
- Effective date of the new director appointment is December 1, 2019.
- The Board size has increased to nine members.
- Ms. Magid has been appointed to the Asset/Liability Committee of the subsidiary, United Business Bank.
- Compensation details are referenced in the proxy statement filed on May 9, 2019, rather than detailed in this 8-K.
- A press release announcing the appointment is filed as Exhibit 99.1.