8-K
filed April 3, 2024, 7:59 PM ET
ticker CWBC
CIK 0001127371
M&A
confidence high
sentiment neutral
materiality 0.80
Community West Bancshares (CWBC): M&A transaction — Central Valley completes Community West merger, becomes Community West Bancshares with ~$3.5B assets
Community West Bancshares
- Community West shareholders receive 0.79 shares of Central Valley stock per share; total consideration ~$143M based on $19.89 stock price.
- Combined entity has ~$3.5B total assets, retains all 27 bank branches across Central Coast, Sacramento, San Joaquin Valley.
- Board expands to 15 directors, adding six from Community West; three Central Valley directors retire, one becomes Director Emeritus.
- Martin Plourd named President; James Kim remains CEO. Executive team includes Filippin and Stronks; Gilio to retire Oct 1, 2024.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tom L. Dobyns was appointed as Director at Community West Bancshares.
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert H. Bartlein, Suzanne M. Chadwick, Tom L. Dobyns, James W. Lokey, Martin E. Plourd and Kirk B. Stovesand (“New Directors”), would be appointed to serve on the boards of directors of Central Valley and CVCB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
William F. Filippin was appointed as Executive Vice President, Regional Executive at Community West Bancshares.
- Action
- assumed
- Role
- Executive Vice President, Regional Executive
Exact text from the filing
William F. Filippin, the former President of CWB, will assume the position of Executive Vice President, Regional Executive.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kirk B. Stovesand was appointed as Director at Community West Bancshares.
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert H. Bartlein, Suzanne M. Chadwick, Tom L. Dobyns, James W. Lokey, Martin E. Plourd and Kirk B. Stovesand (“New Directors”), would be appointed to serve on the boards of directors of Central Valley and CVCB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Karen Musson retired as Director at Community West Bancshares.
- Action
- retired
- Role
- Director
Exact text from the filing
The following current directors (with their respective committee assignments indicated) of Central Valley and CVCB have retired from the board of directors effective on the consummation of the Mergers: Lou McMurray (Compensation Committee and Strategic Planning Committee), Gary D. Gall (Audit and Compliance Committee and Strategic Planning Committee) and Karen Musson (Nominating Committee, Compensation Committee and Strategic Planning Committee).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert H. Bartlein was appointed as Director at Community West Bancshares.
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert H. Bartlein, Suzanne M. Chadwick, Tom L. Dobyns, James W. Lokey, Martin E. Plourd and Kirk B. Stovesand (“New Directors”), would be appointed to serve on the boards of directors of Central Valley and CVCB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Lou McMurray was elected as Director Emeritus at Community West Bancshares.
- Action
- elected
- Role
- Director Emeritus
Exact text from the filing
Lou McMurray has been elected to serve as Director Emeritus to the Central Valley and CVCB board of directors effective on the consummation of the Mergers.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gary D. Gall retired as Director at Community West Bancshares.
- Action
- retired
- Role
- Director
Exact text from the filing
The following current directors (with their respective committee assignments indicated) of Central Valley and CVCB have retired from the board of directors effective on the consummation of the Mergers: Lou McMurray (Compensation Committee and Strategic Planning Committee), Gary D. Gall (Audit and Compliance Committee and Strategic Planning Committee) and Karen Musson (Nominating Committee, Compensation Committee and Strategic Planning Committee).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Suzanne M. Chadwick was appointed as Director at Community West Bancshares.
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert H. Bartlein, Suzanne M. Chadwick, Tom L. Dobyns, James W. Lokey, Martin E. Plourd and Kirk B. Stovesand (“New Directors”), would be appointed to serve on the boards of directors of Central Valley and CVCB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Timothy J. Stronks was appointed as Executive Vice President, Chief Risk Officer at Community West Bancshares.
- Action
- assumed
- Role
- Executive Vice President, Chief Risk Officer
Exact text from the filing
Timothy J. Stronks, the former the Executive Vice President and Chief Operating Officer of Community West, will assume the position of Executive Vice President, Chief Risk Officer of the combined bank.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James W. Lokey was appointed as Director at Community West Bancshares.
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert H. Bartlein, Suzanne M. Chadwick, Tom L. Dobyns, James W. Lokey, Martin E. Plourd and Kirk B. Stovesand (“New Directors”), would be appointed to serve on the boards of directors of Central Valley and CVCB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Lou McMurray retired as Director at Community West Bancshares.
- Action
- retired
- Role
- Director
Exact text from the filing
The following current directors (with their respective committee assignments indicated) of Central Valley and CVCB have retired from the board of directors effective on the consummation of the Mergers: Lou McMurray (Compensation Committee and Strategic Planning Committee), Gary D. Gall (Audit and Compliance Committee and Strategic Planning Committee) and Karen Musson (Nominating Committee, Compensation Committee and Strategic Planning Committee).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Martin E. Plourd was appointed as President at Community West Bancshares.
- Action
- assumed
- Role
- President
Exact text from the filing
Martin E. Plourd will assume the position of President of the Central Valley and James J. Kim will continue as Chief Executive Officer
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Community West Bancshares: Amended articles of incorporation to change corporate name to Community West Bancshares (effective 2024-04-01).
- Change
- charter amendment
- Effective
- 2024-04-01
Exact text from the filing
the Central Valley Articles of Incorporation was amended in accordance with California law to reflect the change in Central Valley’s corporate name to “Community West Bancshares”
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Community West Bancshares underwent a change of control involving Central Valley Community Bancorp for 0.79 of a share of common stock of Central Valley for each share of Community West common stock (closed 2024-04-01).
- Action
- change of control
- Counterparty
- Central Valley Community Bancorp
- Consideration
- 0.79 of a share of common stock of Central Valley for each share of Community West common stock
- Closing
- 2024-04-01
Exact text from the filing
Community West Bancshares and Community West Bank, respectively. Pursuant to the Merger Agreement, holders of Community West common stock was converted into the right to receive 0.79 of a share of common stock of Central Valley for each share of Community West common stock held immediately prior to the Effective Time of the Mergers, with cash to be paid in
View on SEC.gov
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