Form 8-K - Current report
04 Octubre 2023 - 8:00AM
Edgar (US Regulatory)
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2023-09-20
2023-09-20
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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
Date of report (Date of earliest event reported): September 20,
2023
COMMUNITY WEST BANCSHARES
(Exact Name of Registrant as Specified in its Charter)
California |
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000-23575 |
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77-0446957 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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445 Pine Avenue, Goleta, CA 93117 |
(Address of principal executive office, including zip code) |
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(805) 692-5821 |
(Registrant’s telephone number, including area code) |
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N/A |
(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 (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 (§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 ☐
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. ☐
Securities registered under Section 12(b) of the Act:
Title of each Class |
Trading Symbol(s) |
Name of each exchange on
which registered |
Common Stock |
CWBC |
NASDAQ |
In September of 2021, Community West Bancshares (the “Company”) entered into an
unsecured line of credit agreement for up to $5.0 million at Prime +0.25%. The Company must maintain a compensating deposit with the lender
of $1.0 million. In addition, the Company must maintain a minimum debt service coverage ratio of 1.65 to 1, a minimum Tier 1 leverage
ratio of 7.0%, a minimum total risked based capital ratio of 10.0% and a maximum net non-accrual ratio of not more than 3%. The line of
credit matured on September 20, 2023 and the Company renewed the line of credit for an additional two-year term and increased the amount
available to $10.0 million with no other changes to the financial terms or covenants. As of September 20, 2023, there is no outstanding
balance on the revolving line of credit.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
Description |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
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COMMUNITY WEST BANCSHARES |
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/s/ Richard Pimentel |
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Richard Pimentel |
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Executive Vice President – Chief |
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Financial Officer |
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Date: October 4, 2023
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Community West Bancshares (NASDAQ:CWBC)
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