Business Context and Reporting Period
This Form 8-K Current Report was filed by Central Valley Community Bancorp on July 16, 2019. The filing reports on personnel changes within its banking subsidiary, Central Valley Community Bank, effective as of the filing date.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on executive appointments and compensation arrangements.
Material Changes
The primary material change reported is the appointment of two new Executive Vice Presidents, Market Executives:
- Blaine Lauhon: Promoted from Senior Vice President, Senior Credit Officer to manage the Bank's Northern region. He joined the Bank in 2017.
- Ken Ramos: Hired from a major commercial bank to oversee the Southern region. He brings nearly two decades of banking leadership experience.
Management Commentary and Compensation
Both executives will receive identical compensation packages effective July 16, 2019:
- Annual Salary: $200,000
- Incentives: Eligibility to participate in the Management Committee Incentive Plan.
- Benefits: Monthly automobile allowance of $1,000, country club membership, and four weeks of paid vacation per year.
The filing states that the information contained herein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the impact of these leadership changes on the Bank's Northern and Southern regional performance in future quarterly reports.
- Review the specific terms of the Management Committee Incentive Plan to understand potential variable compensation exposure.
- Confirm the integration progress of Ken Ramos, an external hire, into the existing management structure.