SEC Filing Summary: First PacTrust Bancorp, Inc.
Business Context and Reporting Period
This Form 8-K was filed by First PacTrust Bancorp, Inc. on February 23, 2011, reporting events occurring on February 22, 2011. The filing addresses corporate governance changes specifically regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report focused on personnel changes and does not contain financial statements or performance data.
Material Changes
The Board of Directors elected two new directors, Mr. Timothy R. Chrisman and Mr. Jeffrey T. Seabold, effective February 23, 2011. This action increased the total membership of the Board of Directors to nine. Both individuals are considered independent under NASDAQ rules. No material related party transactions exist between the new directors and the Company.
Outlook and Management Commentary
Mr. Chrisman is expected to be appointed to the Compensation Committee. No other committee assignments have been determined for Mr. Chrisman or Mr. Seabold at this time. The filing confirms there were no arrangements or understandings pursuant to which these individuals were elected.
Key Facts for Investor Verification
- Two new independent directors were elected to the Board on February 22, 2011.
- The Board size increased to nine members.
- Mr. Timothy R. Chrisman is expected to join the Compensation Committee.
- No financial data or performance metrics are included in this specific filing.