Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp (trading symbol: CVCY) on January 27, 2023. The filing reports a material change in executive leadership, specifically the appointment of a new Chief Financial Officer (CFO) and the transition of the interim CFO.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure of Interim CFO: Dawn P. Crusinberry's service as interim CFO will terminate upon the start of the new CFO's tenure. She will remain as Executive Vice President and Principal Accounting Officer until the 2022 Form 10-K is filed.
- Appointment of New CFO: Shannon R. Avrett was appointed as Executive Vice President and Chief Financial Officer, effective February 14, 2023.
- Compensation Package: Ms. Avrett will receive an annual base salary of $300,000, a $15,000 one-time signing bonus, eligibility for executive incentive plans, and potential restricted stock grants.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. Management commentary is limited to the professional background of the new CFO, noting her 10 years of experience at Moss Adams LLP and five years in various financial roles at California institutions with assets ranging from $200 million to $18 billion.
Investor Verification Checklist
- Verify the effective start date of Shannon R. Avrett as CFO (February 14, 2023).
- Confirm the total compensation structure, including the $300,000 base salary and $15,000 signing bonus.
- Monitor the upcoming 2022 Form 10-K filing to confirm Dawn P. Crusinberry's continued role as Principal Accounting Officer.
- Review future filings for details on the specific terms of the restricted stock grants and salary continuation arrangements.