Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp on February 25, 2019. The report details executive leadership appointments within its banking subsidiary, Central Valley Community Bank, effective as of the filing date.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of two new Executive Vice Presidents:
- James Kim appointed as Executive Vice President and Chief Operating Officer. He will oversee Commercial and Community Banking divisions.
- Teresa Gilio appointed as Executive Vice President and Chief Administrative Officer. She will oversee Central Operations, Core Management, Facilities, and Loan Processing divisions.
Compensation and Management Commentary
The filing outlines specific compensatory arrangements for the new appointees:
- James Kim: Annual salary of $238,000; monthly automobile allowance of $1,000; eligibility for the Management Committee Incentive Plan; four weeks paid vacation; and a Salary Continuation Agreement of $60,000 per year for 15 years (adjusting for inflation at 3% annually starting at age 62).
- Teresa Gilio: Annual salary of $160,000; eligibility for the Management Committee Incentive Plan; and four weeks paid vacation.
Management commentary highlights Mr. Kim's 15+ years of financial leadership experience and Ms. Gilio's 37+ years of financial operations expertise.
Investor Verification Checklist
- Verify the effective date of the new executive roles (February 25, 2019).
- Confirm the specific divisional responsibilities assigned to James Kim and Teresa Gilio.
- Review the terms of the Salary Continuation Agreement for James Kim, specifically the inflation adjustment mechanism and duration.
- Check subsequent filings for any impact of these appointments on the company's overall executive compensation expense.