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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
MAY 25, 2006
Date of Report (Date of earliest event reported)
COMMUNITY WEST BANCSHARES
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
000-23575 77-0446957
(Commission File Number) (IRS Employer Identification No.)
445 PINE AVENUE
GOLETA, CALIFORNIA 93117-3474
(805) 692-5821
(Registrant's telephone number, including area code)
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 (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))
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On May 25, 2006, at the Annual Meeting of Shareholders of Community West
Bancshares (the "Company") the shareholders of the Company approved the adoption
of the Community West Bancshares 2006 Stock Option Plan (the "Plan"), as
previously approved by the board of directors of the Company. The Plan provides
for the issuance of up to 500,000 shares of the Company's common stock to
directors, officers and key employees of the Company and its wholly owned
subsidiary, Community West Bank. The Company's 1997 Stock Option Plan (the
"1997 Plan") will expire on its stated termination date of January 23, 2007.
The Plan is necessary if the Company is to be able to grant stock options after
that date. The Plan provides for the grant of incentive stock options as
permitted under Section 422 of the Internal Revenue Code and for the grant of
non-qualified stock options. The Plan will terminate by its terms on March 23,
2016.
A copy of the Plan is filed as Exhibit 10.1 hereto to and incorporated
herein by reference.
ITEM 8.01. OTHER EVENTS
At the Annual Meeting of Shareholders held on May 25, 2006, in addition to
approving the Plan described under Item 1.01 above, the shareholders elected the
following eight (8) persons to the Company's board of directors:
Robert H. Bartlein William R. Peeples
Jean W. Blois James R. Sims, Jr.
John D. Illgen Kirk B. Stovesand
Lynda J. Nahra C. Richard Whiston
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
EXHIBIT NO. DESCRIPTION
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10.1 Community West Bancshares 2006 Stock Option Plan.
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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 hereunder duly authorized.
Dated: May 31, 2006
COMMUNITY WEST BANCSHARES
By: /s/ Charles G. Baltuskonis
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Charles G. Baltuskonis
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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10.1 Community West Bancshares 2006 Stock Option Plan, effective March
23, 2006.
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