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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: February 25, 2019
(Date of earliest event reported)

Central Valley Community Bancorp
(Exact name of registrant as specified in its charter)
 
CA
(State or other jurisdiction
of incorporation)
000-31977
(Commission File Number)
77-0539125
(IRS Employer
Identification Number)
 
7100 N. Financial Dr., Ste. 101, Fresno, CA
(Address of principal executive offices)
 
93720
(Zip Code)
559-298-1775
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  o





Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 25, 2019, Central Valley Community Bancorp’s banking subsidiary Central Valley Community Bank (the “Bank”) announced that James Kim, age 43, has been appointed as the Bank’s Executive Vice President and Chief Operating Officer, and Teresa Gilio, age 56, has been appointed as the Bank’s Executive Vice President and Chief Administrative Officer, both effective as of February 25, 2019.

Mr. Kim joined the Bank in 2018 as Executive Vice President and Chief Administrative Officer after spending over 15 years in financial and bank leadership serving in the positions of controller, chief operating officer, chief financial officer and chief executive officer in the Greater Sacramento region. He began his career working for a Big Six accountancy firm in Sacramento and has received his MBA and BS in Accountancy from California State University, Sacramento.

In his new position, Mr. Kim will oversee the Commercial and Community Banking divisions among other executive areas of responsibility.

During his tenure as Executive Vice President and Chief Operating Officer, Mr. Kim will receive an annual salary of $238,000; will be eligible to participate in the Company’s Management Committee Incentive Plan for executive management; will receive a monthly automobile allowance of $1,000; will be granted a Salary Continuation Agreement in the amount of $60,000 per year for 15 years which adjusts for inflation at 3% per year beginning at age 62; and will receive four weeks paid vacation per year.

Ms. Gilio joined the Bank in 2009 as Senior Vice President, Central Operations, and has over 37 years of financial operations and management expertise. Prior to joining the Bank, Ms. Gilio served in leadership positions for three major financial institutions as branch manager, senior lender, and senior vice president and sales manager for a California statewide branch network overseeing small business lending. She began her career at one of the top three banks in Ontario, Canada and is a graduate from the management training program through the Bank of Nova Scotia.

In her new position, Ms. Gilio will oversee the Central Operations, Core Management, Facilities, and Loan Processing divisions among other executive areas of responsibility.

During her tenure as as Executive Vice President and Chief Administrative Officer, Ms. Gilio will receive an annual salary of $160,000, will be eligible to participate in the Company’s Management Committee Incentive Plan for executive management, and will receive four weeks paid vacation per year.

The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in this Form 8-K filed on February 25, 2019, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.


Item 9.01 Exhibits

(d) Exhibits
            99.1      Press release of Central Valley Community Bancorp issued February 25, 2019




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





Dated:
February 25, 2019
CENTRAL VALLEY COMMUNITY BANCORP

By:  /s/ David A. Kinross                   
      David A. Kinross
      Executive Vice President and Chief Financial Officer (Principal
      Accounting Officer)

Exhibit Index
Exhibit No.
Description
99.1
 
 




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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


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FOR IMMEDIATE RELEASE

CONTACT:    Debbie Nalchajian-Cohen (559) 222-1322

CENTRAL VALLEY COMMUNITY BANK EXPANDS
EXECUTIVE LEADERSHIP TEAM

FRESNO, CALIFORNIA…February 25, 2019… James M. Ford, President and Chief Executive Officer of Central Valley Community Bank (“Bank”), is proud to name James Kim, Executive Vice President and Chief Operating Officer, and Teresa Gilio, Executive Vice President and Chief Administrative Officer.
“Central Valley Community Bank’s success is a testament to our entire leadership team who steadfastly adhere to our core values and mission to guide businesses and our communities to succeed and thrive,” said James M. Ford, President and Chief Executive Officer of Central Valley Community Bank and Central Valley Community Bancorp. “James and Teresa proudly live our values everyday as they lead their respective teams with innovative vision to ensure continued success of our nearly forty-year-old Bank.”
James Kim joined the Bank in 2018 as Executive Vice President and Chief Administrative Officer after spending over 15 years in financial and bank leadership serving in the positions of controller, chief operating officer, chief financial officer and chief executive officer in the Greater Sacramento region. A dedicated community steward, Kim also served on numerous nonprofit boards. He began his career working for a Big Six accountancy firm in Sacramento and has received his MBA and BS in Accountancy from California State University, Sacramento.
During his most recent executive role at Central Valley Community Bank as Executive Vice President and Chief Administrative Officer, he successfully reorganized the Central Operations, Core Management and Information Technology departments, advanced technology partnerships, consolidated and established new service departments, and mentored the team encouraging efficient and effective leadership. In his new position as Executive Vice President and Chief Operating Officer, Kim will oversee the Commercial and Community Banking divisions focusing on expanding both deposit and lending production as well as developing the next generation branch model for the Bank.

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Central Valley Community Bank – Page 2

Gilio succeeds James Kim as the new Executive Vice President and Chief Administrative Officer reporting to Jim Ford. She will manage Central Operations, Core Management, Loan Processing and Facilities teams, which also include Call Center, Application Security, and Fraud units.
Teresa Gilio joined the Bank in 2009 and has over 37 years of financial operations and management expertise. In her more recent position as Senior Vice President, Central Operations, Gilio strategically expanded the department implementing multiple platform conversions, developed innovative fraud detection processes and mentored an ever-growing call center to efficiently manage client needs. Among her other achievements she worked alongside the executive team to successfully complete three mergers, participated on industry R&D task forces for electronic banking innovations and has received the Circle of Elite award for her many Bank accomplishments. She actively supports the Fresno State Bulldog Foundation, Catholic Charities and the American Heart Association.
Prior to joining Central Valley Community Bank, Gilio served in leadership positions for three major financial institutions as branch manager, senior lender, and senior vice president and sales manager for a California statewide branch network overseeing small business lending. She began her career at one of the top three banks in Ontario, Canada and is a graduate from the management training program through the Bank of Nova Scotia.

About Central Valley Community Bank
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank operates full-service offices throughout California’s San Joaquin Valley and Greater Sacramento regions. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Central Valley Investment Services are provided by Raymond James Financial, Inc.

Members of Central Valley Community Bancorp’s and the Bank’s Board of Directors are: Daniel J. Doyle (Chairman), Daniel N. Cunningham (Lead Independent Director), Edwin S. Darden, Jr., F. T. “Tommy” Elliott, IV, Robert J. Flautt, James M. Ford, Gary D. Gall, Steven D. McDonald, Louis C. McMurray, Karen Musson, and William S. Smittcamp. Sidney B. Cox is Director Emeritus.

More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com. Also, visit Central Valley Community Bank on Twitter and Facebook.
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Photo attachment:
James Kim, Executive Vice President and Chief Operating Officer
Teresa Gilio, Executive Vice President and Chief Administrative Officer


Central Valley Community Bank – Page 3

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