Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) Appointment of New Principal Officer
Community West Bancshares (Company) announced the appointment of Richard
Pimentel to serve as Executive Vice President and Chief Financial Officer of the
Company and its wholly-owned subsidiary, Community West Bank N.A. commencing on
January 3, 2022. A copy of the press release announcing Mr. Pimentel's
appointment is filed herewith as Exhibit 99.1.
Prior to joining the Company, Mr. Pimentel, served as Chief Financial Officer of
CalPrivate Bank, La Jolla, CA from May 2019 to August 2021. Mr. Pimentel served
as Senior Vice President, Corporate Finance Officer for Hanmi Bank, Los Angeles,
CA from July 2016 to May 2019, Executive Vice President, Chief Financial Officer
for Pan American Bank, Los Angeles, CA from June 2015 to July 2016, Executive
Vice President, Chief Financial Officer for Bank of Manhattan, El Segundo, CA
from 2013 to May 2015 and Senior Vice President, Finance and Treasury from May
2012 to 2013.
There have been no transactions, involving any relationship between the Company
and Mr. Pimentel involving an amount that will exceed $120,000 (a "related party
transaction") other than regarding his compensation arrangements discussed
below.
There are no family relationships between Mr. Pimentel and any of the directors
and executive officers of the Company.
(e) Compensatory Arrangements of Principal Officer
In connection with his employment described more fully herein, the Company
intends to finalize the terms of his employment in a written employment
agreement. The employment agreement will be filed during the quarter in which
the employment agreement is executed.
Mr. Pimentel will be paid an annual base salary of $250,000. In addition, the
Company will establish a deferred compensation account for Mr. Pimentel and will
credit such account an amount equal to 1% of his base salary in effect at the
end of each month of his employment, with interest on the balance of the
deferral account at a rate equal to the then-current rate offered by the Company
on a three-year certificate of deposit. The Company will also provide Mr.
Pimentel with a monthly stipend for commuting and temporary housing in the
amount of $2,083.34 for twelve months.
Upon approval of the Board of Directors, it is anticipated that the Board will
grant Mr. Pimentel an incentive stock option or restricted stock under the
Company's 2020 Omnibus Equity Incentive Plan that will become exercisable over a
five-year period.
Item 9.01. Financial Statements and Exhibits.
(a) Financial statements. - not applicable
(b) Pro forma financial statements. - not applicable
(c) Shell Company Transactions. - not applicable
(d) Exhibits
The following exhibit is being furnished herewith:
99.1 Press Release dated December 31, 2021, titled "Richard Pimentel Joins
Community West Bancshares and Community West Bank as Chief Financial Officer."
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
© Edgar Online, source Glimpses