8-K

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 (Date of earliest event reported): July 23, 2018

COMMUNITY WEST BANCSHARES

(Exact name of registrant as specified in its charter)

California	000-23575	77-0446957
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

445 Pine Avenue, Goleta, California	93117
(Address of principal executive offices)	(Zip code)

(805) 692-5821

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General instruction A.2.below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ 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 Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

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. ☐

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 T. Joseph Stronks to serve as Executive Vice President and Chief Operating Officer of the Company’s wholly-owned subsidiary, Community West Bank N.A. commencing on July 23, 2018.  A copy of the press release announcing Mr. Stronks’ appointment is filed herewith as Exhibit 99.1.

Prior to joining the Company, Mr. Stronks, age 49, served as Senior Vice President, Deputy Director of Operations with Rabobank N.A. from April 2017.  Mr. Stronks served as Executive Vice President from April 2017 to August 2017 for Pacific Premier Bank, Paso Robles, CA, in an interim role; and as Executive Vice President, Chief Information Officer from 2007 to March 2017 for Heritage Oaks Bank, Paso Robles, CA.

There has been no transactions, involving any relationship between the Company and Mr. Stronks 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. Stronks 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. Stronks will be paid an annual base salary of $225,000. In addition, the Company will establish a deferred compensation account for Mr. Stronks 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. Stronks with a relocation incentive in the amount of $15,000.

Upon approval of the Board of Directors, it is anticipated that the Board will grant Mr. Stronks an incentive stock option under the Company’s 2014 Stock Option 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:

Exhibit 99.1 Press Release dated July 23, 2018, titled “Joseph Stronks Joins Community West Bank as Chief Operating Officer.”

SIGNATURES

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

Date: July 23, 2018

COMMUNITY WEST BANCSHARES
By:	/s/Susan C. Thompson
	Susan C. Thompson
	Executive Vice President and CFO

EX-99.1

Exhibit 99.1

Contact: Martin E. Plourd, President and CEO

(805) 692-4382

Joseph Stronks Joins Community West Bank as Chief Operating Officer

Goleta, CA, July 23, 2018 – Community West Bancshares, (NASDAQ: CWBC), parent company of Community West Bank, today announced that T. Joseph Stronks has joined the bank as Executive Vice President, Chief Operating Officer.  He will lead the Central Operations, Information Technology and Facilities departments of the bank.

“It is with great pleasure that we welcome Joseph to the Community West Bank executive team,” said Martin E. Plourd, President and Chief Executive Officer.  “His wide range of professional experience and leadership in managing banking operations, information technology, and core application technology will serve our bank very well as we continue to grow our community banking presence throughout Ventura, Santa Barbara and San Luis Obispo counties.”

Before joining Community West Bank, Mr. Stronks most recently was Senior Vice President and Deputy Director of Operations at Rabobank.  He also served as Executive Vice President and Chief Information Officer for Heritage Oaks Bank prior to its acquisition by Pacific Premier Bank in 2017.  Mr. Stronks is a graduate of University of California at Santa Barbara, the Pacific Coast Banking School, and earned an MBA in IT Management from Western Governors University.  He is a Certified Information Security Manager.

Company Overview

Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, the largest publicly traded community bank serving California’s Central Coast area of Ventura, Santa Barbara and San Luis Obispo counties.  Community West Bank has seven full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura, Westlake Village, San Luis Obispo and Oxnard and a loan production office in Paso Robles. The principal business activities of the Company are Relationship business banking, Manufactured Housing lending and Government Guaranteed lending.

Industry Accolades

In April 2018, Community West was awarded a “Premier” rating by The Findley Reports.  For 50 years, The Findley Reports has been recognizing the financial performance of banking institutions in California and the Western United States.  In making their selections, The Findley Reports focuses on these four ratios: growth, return on beginning equity, net operating income as a percentage of average assets, and loan losses as a percentage of gross loans.

Safe Harbor Disclosure

This release contains forward-looking statements that reflect management's current views of future events and operations.  These forward-looking statements are based on information currently available to the Company as of the date of this release.  It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.

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