-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fi6UDa/0w4IPkMaas8uX56uo2twsjUGNg8/Lg/iGrrs0XoJxawD6MbZWgPexHgsv PUR6gjl9DQD9dF46NiSz5w== 0000950124-06-007798.txt : 20061222 0000950124-06-007798.hdr.sgml : 20061222 20061222131755 ACCESSION NUMBER: 0000950124-06-007798 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061220 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20061222 DATE AS OF CHANGE: 20061222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY SHORES BANK CORP CENTRAL INDEX KEY: 0001070523 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 383423227 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51166 FILM NUMBER: 061296154 BUSINESS ADDRESS: STREET 1: 1030 W. NORTON AVENUE CITY: MUSKEGON STATE: MI ZIP: 49441 BUSINESS PHONE: 2317801800 MAIL ADDRESS: STREET 1: 1030 W. NORTON AVENUE CITY: MUSKEGON STATE: MI ZIP: 49441 8-K 1 k11058e8vk.txt CURRENT REPORT, DATED DECEMBER 20, 2006 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): DECEMBER 20, 2006 -------------------- COMMUNITY SHORES BANK CORPORATION (Exact name of registrant as specified in its charter) MICHIGAN 000-51166 38-3423227 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification Number) 1030 W. NORTON AVENUE, MUSKEGON, MICHIGAN 49441 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 231-780-1800 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 (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR 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)) ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS Election of Mr. Jonathan L. Smith to the Board of Directors On December 20, 2006, the Board of Directors of Community Shores Bank Corporation (the "Company") elected a new director, Jonathan L. Smith. Mr. Smith has been elected to serve as a Class I director, and his initial term expires at the annual meeting of the shareholders in 2008. Also, on December 20, 2006, Mr. Smith was elected by the Board of Directors of the Company's wholly owned subsidiary, Community Shores Bank (the "Bank"), to serve as a director of the Bank for a term expiring at the 2007 annual meeting of the shareholders of the Bank. The Board of Directors of the Company has not made a determination regarding the committees of the Board to which Mr. Smith will be appointed. The election of Mr. Smith was not pursuant to any arrangement or understanding between Mr. Smith and any third party. As of the date of this report, neither Mr. Smith nor any member of his immediate family is a party, either directly or indirectly, to any transaction that the Company is aware of, that is required to be reported pursuant to Item 404(a) of Regulation S-B under the Securities Exchange Act of 1934. Mr. Smith will be compensated for his service on the Boards of Directors of the Company and the Bank, and any committees of those Boards on which he serves in accordance with the Company's and the Bank's compensation arrangements for non-employee directors. As disclosed in the Company's proxy statement for its 2006 annual meeting of shareholders, compensation for non-employee directors for 2006 consists of a $2,000 retainer, a fee of $250 for each Board or committee meeting attended, and for Board and committee chairpersons, additional chairperson fees of $50 to $150 per meeting. For 2006, Mr. Smith will receive a meeting fee of $250 for each meeting of the Board of Directors of the Company or the Bank, or of a committee of either, that he attends. When meetings are held on the same day of the Boards of Directors of the Company and the Bank, or of committees of each having the same name or performing similar functions, directors and chairpersons usually receive only one meeting and chairperson fee for the two Board or committee meetings. For 2007, Mr. Smith will receive an annual retainer, meeting fees, and if applicable, chairperson fees, as approved by the Board of Directors of the Company or the Bank, and will be eligible to receive a stock option under the Company's 2005 Director Stock Option Plan. 2 SIGNATURES 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. COMMUNITY SHORES BANK CORPORATION By: /s/ Tracey A. Welsh ------------------------------ Tracey A. Welsh Senior Vice President, Chief Financial Officer and Treasurer Date: December 20, 2006 3 -----END PRIVACY-ENHANCED MESSAGE-----