the Company. Mr. McLaughlin has been employed by the Bank as Vice President – Loans since 1987. Mr. McLaughlin
received his B.S. degree in Management and Operational Analysis from California State College, Bakersfield.
On January 31, 2008, based upon the recommendation of the Registrant's Compensation Committee (the "Committee"), the
Company’s Board of Directors (the "Board") set fiscal year 2008 base salaries and approved bonus awards to be paid to the
Company’s Chairman of the Board & CEO, Bruce Maclin and the Company’s four other highest paid executive officers
(together with the Chairman of the Board, the “Named Executive Officers”) in connection with performance for the year
ended December 31, 2007. The following table shows the amounts of these awards, together with the base salaries of the
Named Executive Officers for the 12-month period beginning January 1, 2008:
The Board also approved, based upon the recommendation of the Committee, a travel and entertainment allowance of
$50,000 each for Mr. Maclin and Mr. Hill for the year commencing January 1, 2008. They will also receive gross-up
payments for federal and state taxes which may be incurred by them as a result of using the travel and entertainment
allowance.
The Company will provide additional information related to executive compensation in its proxy statement for its 2008
Annual Meeting of Shareholders to be held on May 27, 2008, for shareholders of record as of April 7, 2008.
On January 31, 2008, Bruce Maclin, who has been a full-time employee since 1995, announced his partial retirement related
solely to employment duties, effective March 1, 2008 (the “Effective Date”). Corresponding with his partial retirement, Mr.
Maclin’s base salary will be reduced by 30% on the Effective Date. The reduction in the amount of time Mr. Maclin commits
to the Company in connection with his employment was not due to any disagreement with the Company, on any matter
relating to its operations, policies or practices. Mr. Maclin will continue to serve as the Company’s Chairman of the Board &
CEO and as the Chairman of the Board for the Bank.
Item 8.01 Other Events.
On January 31, 2008, the Board declared a cash dividend of $0.30 per common share. On the same date, the Board also
declared a 10% stock dividend. The dividends are payable to shareholders of record as of February 28, 2008 and are payable
on March 17, 2008. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by this
reference.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
Name
Title
Salary
Bonus
Bruce Maclin
Chairman of the Board & CEO
$ 340,000
$ 450,000
Bart Hill
President
340,000
450,000
Stephen Annis
Executive Vice President & Chief
Financial Officer
155,036
87,170
John Ivy
Executive Vice President & Chief
Credit Officer
155,036
87,170
Phillip McLaughlin
Senior Vice President
103,447
119,702
(c) The following exhibits are included with this Report:
Exhibit 99.1 Press release dated February 6, 2008.
SIGNATURES
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