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Previous: PIONEER INDEPENDENCE FUND, N-1A/A, 1998-03-12 |
Next: COMMUNITY WEST BANCSHARES /, 8-A12G/A, 1998-03-12 |
<PAGE> 1
As filed with the Securities and Exchange Commission on March 12, 1998
- ------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT
TO
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT: MARCH 12, 1998
COMMUNITY WEST BANCSHARES
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(Exact name of registrant as specified in its charter)
CALIFORNIA
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(State or other jurisdiction of incorporation)
77-0446957
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(Commission File Number) (IRS Employer I.D. Number)
5827 HOLLISTER AVENUE, GOLETA, CALIFORNIA 93117
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(Address of principal executive offices) (Zip Code)
(805) 683-4944
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
<PAGE> 2
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
A. Financial Statements of Business Acquired.
The Financial Statements required by this Item 7A are hereby
incorporated by reference to the following documents of Goleta National Bank,
the acquired business (the "Bank"), which have been filed with the Office of
the Comptroller of the Currency, pursuant to applicable statutes:
(1) The Bank's Annual Report on Form 10-K for the fiscal year ended
December 31, 1996
(2) The Bank's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1997
(3) The Bank's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1997
B. Pro Forma Financial Information.
Community West Bancshares, a California corporation, Goleta, California
(the "Company"), was formed as a bank holding company for Goleta National Bank,
a national banking association (the "Bank"). Under the terms of the Plan of
Reorganization and Consolidation Agreement (the "Reorganization Agreement"),
adopted by the Board of Directors of the Company and the Bank and approved by
the requisite vote of the Bank's shareholders at a Special Meeting of
Shareholders held on October 30, 1997, the shareholders of the Bank received
shares of the Common Stock and Warrants to purchase Common Stock of the Company
on a one-for-one basis at the effective time of the reorganization. Upon
consummation of the reorganization, the shareholders of the Bank became the
shareholders of the Company and the Bank became the wholly-owned subsidiary of
the Company. The reorganization was consummated effective December 31, 1997.
<PAGE> 3
Pro Forma financial information required by this Item 7B are included
in this report on Form 8-K as Exhibit 99.1 to this report. The pro forma
condensed balance sheet and condensed statements of income are as of year ended
December 31, 1997.
C. Exhibits.
2. Not applicable
99.1 Pro Forma Condensed Balance Sheet and Condensed Statements of
Income, as of year ended December 31, 1997.
<PAGE> 4
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 WEST BANCSHARES
Date: March 11, 1998 /s/ LLEWELLYN W. STONE
-------------------------------------
Llewellyn W. Stone
President and Chief Executive Officer
<PAGE> 1
EXHIBIT 99.1
COMMUNITY WEST BANCSHARES
<TABLE>
<CAPTION>
Pro-Forma
Existing Parent-Only Adjustment Reflecting Acquisition Parent-Only
Balance Sheet Balance Sheet
-------------------- ---------------------------------- -------------
<S> <C> <C> <C> <C>
ASSETS DR (CR)
Cash $ 4,896 $ 250,000(1) $ 254,986
Note Receivable - Shareholder $ 5,000 $ 5,000
Organizational Expense $15,781 $ 15,781
Equity Investment in Subsidiary Bank $ 0 $12,358,878(3,2) $12,358,878
----------------- -----------
Total Assets $25,857 $12,608,878 $ 0 $12,634,735
================= ===========
LIABILITIES
Bridge Loan $ 250,000(1) $ 250,000
Legal Expenses Payable $15,871 $ 15,871
---------------- -----------
Total Liabilities $15,871 $ 265,871
STOCKHOLDER'S EQUITY
Common Stock $10,000 $ 4,051,645(2,3) $ 4,061,645
Surplus $ 0 $ 4,748,665(2,3) $ 4,748,665
Retained (Deficit) Earnings $ (14) $ 3,558,568(3) $ 3,558,554
---------------- -----------
Total Equity $ 9,986 $12,368,864
---------------- -----------
TOTAL LIABILITY AND SHAREHOLDER'S EQUITY $25,857 $0 $12,608,878 $12,634,735
================ ===========
$0 $(12,608,878) $12,608,878 $0
Entry (1)
Cash $ 250,000
Bridge Loan $ 250,000
(To record the holding company borrowing $250,000
from Pacific Coast Bankers Bank)
Entry (2)
Investment in Subsidiary Bank $ 240,000
Common Stock $ 200,000
Surplus $ 40,000
(To record the holding company funding
Goleta Interim Bank)
Entry (3)
Investment in Subsidiary Bank $ 12,118,878
Common Stock $ 3,851,645
Surplus $ 4,708,665
Retained Earnings $ 3,558,568
(To record the merger of Goleta National Bank
with Goleta Interim Bank)
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
GNB CWBC DR CR Consolidated
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Cash 3,662,513 254,986 254,986 3,662,513
Fed Funds Sold 8,440,000 8,440,000
Time Certificate of Deposits 2,477,000 2,477,000
Investments 4,051,054 272,716 3,778,338
Loans, Net 70,891,986 272,716 71,164,702
Fixed Assets 2,725,465 2,725,465
Other Assets 3,043,556 20,871 3,064,427
Equity in Subsidiary 12,358,878 12,358,878 0
---------- ---------- -------- ---------- ----------
Total Assets 95,291,574 12,634,735 272,716 12,886,580 95,312,445
Non-interest demand 15,387,816 254,986 15,132,830
Interest Bearing Checking 13,607,852 13,607,852
Savings 12,982,741 12,982,741
TCD>100 16,832,753 16,832,753
TCD<100 21,696,263 21,696,263
Other Liabilities 2,665,221 265,871 2,931,092
Common Stock 3,851,645 4,061,645 4,051,645 4,708,665 8,570,310
Surplus 4,708,665 4,748,665 9,457,330 0
Retained Earnings 3,558,618 3,558,554 3,558,568 3,558,604
---------- ---------- --------- ---------- ----------
Total Liabilities 95,291,574 12,634,735 17,322,529 4,708,665 95,312,445
========== ========== ========== ========== ==========
Interest Income
Loans 7,292,195 7,292,195
Time Deposits 120,588 120,588
Fed Funds Sold 423,666 423,666
Investment Securities 115,253 115,253
Other Assets 0 0
Interest Expense 2,910,450 2,910,450
---------- --------- ---------- ----------- ----------
Net Interest Income 5,041,252 0 0 0 5,041,252
Provision 260,000 260,000
Other Income
Premiums 4,101,222 4,101,222
Service Charges 5,392,625 5,392,625
Other Expenses
Salaries and Employee Benefits 7,315,447 7,315,447
Occupancy Expenses 1,508,435 1,508,435
Other Operating Expenses 2,703,912 14 2,703,926
---------- -------- ---------- ----------- ----------
Net Income before taxes 2,747,305 (14) 0 0 2,747,291
---------- -------- ---------- ----------- ----------
Taxes 1,158,351 1,158,351
---------- -------- ---------- ----------- ----------
Net Income 1,588,954 (14) 0 0 1,588,940
========== ======== ========== =========== ==========
</TABLE>
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