SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
ý |
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| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No fee required, effective October 7, 1996] |
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o |
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| TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No fee required] |
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For the transition period
from ________________ to _____________
| A. |
| Full title of the plan and the address of the plan, if different from that of the issuer named below: |
|
CAPITAL CORP OF THE WEST
401(k) Plan
| B. |
| Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
|
CAPITAL CORP OF THE WEST
550 West Main Street
Merced, CA 95340
TABLE OF CONTENTS
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Financial Statements |
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Statement of Changes in Net Assets Available for Benefits with Fund Information |
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Schedule H, PART IV — Form 5500, 2001 - Schedule of Assets Held for Investment Purposes |
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/s/ Cassabon, McIlhatton & Associates, LLP | |
| Cassabon, McIlhatton & Associates, LLP |
| Certified Public Accountants |
1
June 15, 2002
To the Trustees of
Capital Corp of the West
401(k) Plan
We have audited the accompanying statements of net assets available for benefits of Capital Corp of the West 401(k) Plan as of December 31, 2001 and 2000, and the related statement of changes in net assets available for benefits for the year ended December 31, 2001. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Capital Corp of the West 401(k) Plan as of December 31, 2001 and 2000, and the changes in its net assets available for benefits for the year ended December 31, 2001 in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included in Schedule H — Financial Information (IRS Form 5500) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
| /s/ Cassabon, McIlhatton & Associates, LLP |
| Cassabon, McIlhatton & Associates, LLP |
| Certified Public Accountants |
Fresno and Merced,
California
2
CAPITAL CORP OF THE WEST
401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2001 AND 2000
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| 2001 |
| 2000 |
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Assets |
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Investments: |
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At fair value - (Note 2) |
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Shares of registered investment companies: |
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Great West Life funds |
| $ | 1,610,345 |
| $ | 1,472,356 |
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Capital Corp of the West company stock |
| 1,496,122 |
| 1,039,980 |
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Participant notes receivable |
| 16,280 |
| 16,077 |
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| 3,122,747 |
| 2,528,413 |
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Receivables: |
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Employers’ contributions |
| 26,143 |
| 25,051 |
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Cash |
| 65 |
| 2,942 |
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Total Assets |
| 3,148,955 |
| 2,556,406 |
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Net Assets Available for Benefits |
| $ | 3,148,955 |
| $ | 2,556,406 |
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The accompanying notes are an integral part of these financial statements.
3
CAPITAL CORP OF THE WEST
401(k) PLAN
FOR THE YEAR ENDED DECEMBER 31, 2001
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| Participant Directed |
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| Guaranteed |
| Guaranteed |
| Guaranteed |
| Short |
| American |
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| Orchard |
| Maxim |
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| Certificate |
| Certificate |
| Certificate |
| Term |
| Century |
| AIM |
| Index |
| Growth |
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| Fund |
| Fund |
| Fund |
| Fund I |
| Ultra |
| Constellation |
| 600 |
| Index |
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|
| 1GCF 36M |
| 1GCF 60M |
| 1GCF 84M |
| 1MMF-1 |
| 1LGRULT |
| 1LGRCON |
| 1SBLOI6 |
| 1LGRXGI |
| ||||||||
Additions to net assets attributed to: |
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Investment income |
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Net appreciation (depreciation) in fair value of investment |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | (16,568 | ) | $ | (27,722 | ) | $ | 5,056 |
| $ | (7,003 | ) |
Interest and dividends |
| 635 |
| 80 |
| 1 |
| 375 |
| — |
| — |
| — |
| — |
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| 635 |
| 80 |
| 1 |
| 375 |
| (16,568 | ) | (27,722 | ) | 5,056 |
| (7,003 | ) | ||||||||
Contributions: |
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Participants’ |
| 3,377 |
| — |
| — |
| — |
| 20,623 |
| 37,125 |
| 2,712 |
| 7,991 |
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Rollovers |
| — |
| — |
| — |
| — |
| — |
| — |
| 17,274 |
| — |
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Employer |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Total Additions |
| 4,012 |
| 80 |
| 1 |
| 375 |
| 4,055 |
| 9,403 |
| 25,042 |
| 988 |
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Deductions from net assets attributed to: |
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Benefits paid to participants |
| 1,630 |
| 160 |
| 45 |
| 577 |
| 20,579 |
| 2,050 |
| — |
| — |
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Administrative expenses |
| 19 |
| 1 |
| — |
| 6 |
| 75 |
| 143 |
| 11 |
| 35 |
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Total Deductions |
| 1,649 |
| 161 |
| 45 |
| 583 |
| 20,654 |
| 2,193 |
| 11 |
| 35 |
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Net increase (decrease) prior to inter-fund transfers |
| 2,363 |
| (81 | ) | (44 | ) | (208 | ) | (16,599 | ) | 7,210 |
| 25,031 |
| 953 |
| ||||||||
Inter-fund transfers |
| (573 | ) | — |
| — |
| — |
| 5,206 |
| (5,214 | ) | 385 |
| 705 |
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Net increase (decrease) |
| 1,790 |
| (81 | ) | (44 | ) | (208 | ) | (11,393 | ) | 1,996 |
| 25,416 |
| 1,658 |
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Net assets available for benefits: |
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Beginning |
| 13,308 |
| 1,757 |
| 44 |
| 9,689 |
| 108,352 |
| 100,937 |
| 9,453 |
| 48,656 |
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Ending |
| $ | 15,098 |
| $ | 1,676 |
| $ | — |
| $ | 9,481 |
| $ | 96,959 |
| $ | 102,933 |
| $ | 34,869 |
| $ | 50,314 |
|
(Continued)
The accompanying notes are an integral part of these financial statements.
4
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| Participant Directed |
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| Maxim Small-Cap |
| The Lord |
| Maxim |
| Maxim |
| Maxim |
| Maxim |
| Maxim |
| Fidelity |
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Additions to net assets attributed to: |
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Investment income |
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Net appreciation (depreciation) in fair value of investment |
| $ | 1,028 |
| $ | (937 | ) | $ | 2,172 |
| $ | 935 |
| $ | 311 |
| $ | 76 |
| $ | 366 |
| $ | (7,348 | ) |
Interest and dividends |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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| 1,028 |
| (937 | ) | 2,172 |
| 935 |
| 311 |
| 76 |
| 366 |
| (7,348 | ) | ||||||||
Contributions: |
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Participants’ |
| 1,967 |
| 6,606 |
| 8,181 |
| 3,268 |
| 7,648 |
| 91 |
| 1,879 |
| 9,831 |
| ||||||||
Rollovers |
| — |
| — |
| 17,685 |
| — |
| — |
| — |
| 17,685 |
| — |
| ||||||||
Employers |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Total Additions |
| 2,995 |
| 5,669 |
| 28,038 |
| 4,203 |
| 7,959 |
| 167 |
| 19,930 |
| 2,483 |
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Deductions from net assets attributed to: |
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| ||||||||
Benefits paid to participants |
| — |
| 308 |
| 8,128 |
| 5,150 |
| 1,756 |
| 2,988 |
| — |
| 2,654 |
| ||||||||
Administrative expenses |
| 14 |
| 20 |
| 35 |
| 16 |
| 37 |
| 10 |
| 3 |
| 54 |
| ||||||||
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Total Deductions |
| 14 |
| 328 |
| 8,163 |
| 5,166 |
| 1,793 |
| 2,998 |
| 3 |
| 2,708 |
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Net increase (decrease) prior to inter-fund transfers |
| 2,981 |
| 5,341 |
| 19,875 |
| (963 | ) | 6,166 |
| (2,831 | ) | 19,927 |
| (225 | ) | ||||||||
Inter-fund transfers |
| 401 |
| 953 |
| (4,307 | ) | 586 |
| (10,720 | ) | — |
| — |
| (101 | ) | ||||||||
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Net increase (decrease) |
| 3,382 |
| 6,294 |
| 15,568 |
| (377 | ) | (4,554 | ) | (2,831 | ) | 19,927 |
| (326 | ) | ||||||||
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Net assets available for benefits: |
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Beginning |
| 6,061 |
| 15,580 |
| 37,342 |
| 17,525 |
| 38,150 |
| 5,527 |
| 3,981 |
| 43,232 |
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Ending |
| $ | 9,443 |
| $ | 21,874 |
| $ | 52,910 |
| $ | 17,148 |
| $ | 33,596 |
| $ | 2,696 |
| $ | 23,908 |
| $ | 42,906 |
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(Continued)
The accompanying notes are an integral part of these financial statements.
5
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| Participant Directed |
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| Orchard |
| AIM |
| Maxim |
| Maxim |
| Maxim |
| AIM |
| Maxim |
| Putnam |
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Additions to net assets attributed to: |
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Investment income |
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Net appreciation (depreciation) in fair value of investment |
| $ | (8,166 | ) | $ | (33,610 | ) | $ | 2,616 |
| $ | 272 |
| $ | (2,674 | ) | $ | (43,899 | ) | $ | (4,900 | ) | $ | (10,897 | ) |
Interest and dividends |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
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| (8,166 | ) | (33,610 | ) | 2,616 |
| 272 |
| (2,674 | ) | (43,899 | ) | (4,900 | ) | (10,897 | ) | ||||||||
Contributions: |
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Participants’ |
| 7,926 |
| 37,615 |
| 14,691 |
| 10,500 |
| 1,863 |
| 29,199 |
| 11,908 |
| 33,027 |
| ||||||||
Rollovers |
| — |
| — |
| — |
| — |
| — |
| — |
| 35,371 |
| — |
| ||||||||
Employer |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Total Additions |
| (240 | ) | 4,005 |
| 17,307 |
| 10,772 |
| (811 | ) | (14,700 | ) | 42,379 |
| 22,130 |
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Deductions from net assets attributed to: |
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Benefits paid to participants |
| 1,686 |
| 4,518 |
| 13,532 |
| — |
| 2,707 |
| 21,700 |
| 2,401 |
| 9,199 |
| ||||||||
Administrative expenses |
| 38 |
| 109 |
| 14 |
| 16 |
| 14 |
| 109 |
| 29 |
| 136 |
| ||||||||
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Total Deductions |
| 1,724 |
| 4,627 |
| 13,546 |
| 16 |
| 2,721 |
| 21,809 |
| 2,430 |
| 9,335 |
| ||||||||
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Net increase (decrease) prior to inter-fund transfers |
| (1,964 | ) | (622 | ) | 3,761 |
| 10,756 |
| (3,532 | ) | (36,509 | ) | 39,949 |
| 12,795 |
| ||||||||
Inter-fund transfers |
| 803 |
| (3,213 | ) | 1,490 |
| 5,279 |
| (642 | ) | 6,653 |
| (865 | ) | 3,691 |
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Net increase (decrease) |
| (1,161 | ) | (3,835 | ) | 5,251 |
| 16,035 |
| (4,174 | ) | (29,856 | ) | 39,084 |
| 16,486 |
| ||||||||
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Net assets available for benefits: |
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Beginning |
| 57,572 |
| 88,105 |
| 16,645 |
| 16,545 |
| 14,746 |
| 174,691 |
| 40,074 |
| 131,567 |
| ||||||||
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Ending |
| $ | 56,411 |
| $ | 84,270 |
| $ | 21,896 |
| $ | 32,580 |
| $ | 10,572 |
| $ | 144,835 |
| $ | 79,158 |
| $ | 148,053 |
|
(Continued)
The accompanying notes are an integral part of these financial statements.
6
|
| Participant Directed |
|
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| ||||||||||||||||||||
|
| Oakmark |
| Putnam |
| Maxim |
| Fidelity |
| Maxim |
| Maxim |
| Maxim |
| Profile |
| ||||||||
Additions to net assets attributed to: |
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Investment income |
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Net appreciation (depreciation) in fair value of investment |
| $ | 33 |
| $ | (20,341 | ) | $ | (264 | ) | $ | (1,058 | ) | $ | (1,026 | ) | $ | (932 | ) | $ | 928 |
| $ | (11,675 | ) |
Interest and dividends |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
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|
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| ||||||||
|
| 33 |
| (20,341 | ) | (264 | ) | (1,058 | ) | (1,026 | ) | (932 | ) | 928 |
| (11,675 | ) | ||||||||
Contributions: |
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|
|
|
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|
|
|
|
|
|
|
|
|
| ||||||||
Participants’ |
| 15 |
| 25,356 |
| 584 |
| 707 |
| 2,033 |
| 254 |
| 6,564 |
| 13,781 |
| ||||||||
Rollovers |
| — |
| 17,274 |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Employer |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Additions |
| 48 |
| 22,289 |
| 320 |
| (351 | ) | 1,007 |
| (678 | ) | 7,492 |
| 2,106 |
| ||||||||
|
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|
|
|
|
|
|
|
| ||||||||
Deductions from net assets attributed to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Benefits paid to participants |
| — |
| 5,535 |
| — |
| 149 |
| — |
| 1,572 |
| 6,958 |
| 5,176 |
| ||||||||
Administrative expenses |
| — |
| 81 |
| 1 |
| 8 |
| 5 |
| 3 |
| 26 |
| 119 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Deductions |
| — |
| 5,616 |
| 1 |
| 157 |
| 5 |
| 1,575 |
| 6,984 |
| 5,295 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) prior to inter-fund transfers |
| 48 |
| 16,673 |
| 319 |
| (508 | ) | 1,002 |
| (2,253 | ) | 508 |
| (3,189 | ) | ||||||||
Inter-fund transfers |
| 1,247 |
| (1,763 | ) | — |
| (119 | ) | (383 | ) | — |
| (1,106 | ) | (5,008 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net increase (decrease) |
| 1,295 |
| 14,910 |
| 319 |
| (627 | ) | 619 |
| (2,253 | ) | (598 | ) | (8,197 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net assets available for benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Beginning |
| — |
| 70,081 |
| 1,327 |
| 4,754 |
| 2,616 |
| 4,067 |
| 36,013 |
| 81,998 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ending |
| $ | 1,295 |
| $ | 84,991 |
| $ | 1,646 |
| $ | 4,127 |
| $ | 3,235 |
| $ | 1,814 |
| $ | 35,415 |
| $ | 73,801 |
|
(Continued)
The accompanying notes are an integral part of these financial statements.
7
|
| Participant Directed |
| Non-Participant Directed |
|
|
| ||||||||||||||||||||||
|
| Profile |
| Profile |
| Profile |
| Profile |
| Capital |
|
|
|
|
|
|
| ||||||||||||
|
| Series II |
| Series III |
| Series IV |
| Series V |
| Corp of the |
|
|
| Loans To |
|
|
| ||||||||||||
|
| 1PBAXP2 |
| 1PBAXP3 |
| 1PBAXP4 |
| 1PBAXP5 |
| West Stock |
| Other |
| Participants |
| Total |
| ||||||||||||
Additions to net assets attributed to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net appreciation (depreciation) in fair value of investment |
| $ | (18,232 | ) | $ | (6,246 | ) | $ | (1,608 | ) | $ | 52 |
| $ | 230,542 |
| $ | — |
| $ | — |
| $ | 19,281 |
| ||||
Interest and dividends |
| — |
| — |
| — |
| — |
| 59,488 |
| 34 |
| 1,334 |
| 61,947 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
| (18,232 | ) | (6,246 | ) | (1,608 | ) | 52 |
| 290,030 |
| 34 |
| 1,334 |
| 81,228 |
| ||||||||||||
Contributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Participants’ |
| 29,891 |
| 9,840 |
| 10,644 |
| 663 |
| 163,558 |
| — |
| — |
| 521,918 |
| ||||||||||||
Rollovers |
| 625 |
| 32,955 |
| — |
| — |
| 19,361 |
| — |
| — |
| 158,230 |
| ||||||||||||
Employer |
| — |
| — |
| — |
| — |
| 70,344 |
| 46,392 |
| — |
| 116,736 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Additions |
| 12,284 |
| 36,549 |
| 9,036 |
| 715 |
| 543,293 |
| 46,426 |
| 1,334 |
| 878,112 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Deductions from net assets attributed to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Benefits paid to participants |
| 679 |
| 11,620 |
| 7,571 |
| — |
| 122,940 |
| 588 |
| — |
| 264,556 |
| ||||||||||||
Administrative expenses |
| 121 |
| 68 |
| 46 |
| 5 |
| — |
| 19,580 |
| — |
| 21,007 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Total Deductions |
| 800 |
| 11,688 |
| 7,617 |
| 5 |
| 122,940 |
| 20,168 |
| — |
| 285,563 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net increase (decrease) prior to inter-fund transfers |
| 11,484 |
| 24,861 |
| 1,419 |
| 710 |
| 420,353 |
| 26,258 |
| 1,334 |
| 592,549 |
| ||||||||||||
Inter-fund transfers |
| — |
| — |
| — |
| — |
| 35,789 |
| (28,043 | ) | (1,131 | ) | — |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net increase (decrease) |
| 11,484 |
| 24,861 |
| 1,419 |
| 710 |
| 456,142 |
| (1,785 | ) | 203 |
| 592,549 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net assets available for benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Beginning |
| 159,658 |
| 54,969 |
| 51,159 |
| 6,175 |
| 1,039,980 |
| 27,993 |
| 16,077 |
| 2,556,406 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Ending |
| $ | 171,142 |
| $ | 79,830 |
| $ | 52,578 |
| $ | 6,885 |
| $ | 1,496,122 |
| $ | 26,208 |
| $ | 16,280 |
| $ | 3,148,955 |
| ||||
The accompanying notes are an integral part of these financial statements.
8
CAPITAL CORP OF THE WEST
401(k) PLAN
DECEMBER 31, 2001
Note 1 - Description of Plan:
The following description of Capital Corp of the West (Company) 401(k) Plan (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
General - The Plan is a defined contribution plan. Every Employee of the Company is eligible to participate on the January 1st or July 1st coinciding with the date on which the Employee has completed one-half year of service for participation and has reached age 21. The Plan is subject to the provisions of the Employee Retirement Security Act of 1974 (ERISA).
Contributions - Each year, participants may contribute the maximum amount allowed by law of pretax annual compensation as defined in the Plan. The Company may make a matching contribution. The amount of the match, if any, will be determined by the Company each year. Additional discretionary amounts may be contributed at the option of the company’s board of directors.
Participants Accounts - Each participant’s account is credited with the participant’s contribution and allocation of (a) the Company’s contribution and, (b) Plan earnings, and (c) forfeitures of terminated participant’s non-vested accounts. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting - Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in Company’s matching and discretionary contribution portion of their accounts plus actual earnings thereon is based on years of continuous service. A participant is 100% vested after three years of credited service.
Investment Options - Upon enrollment in the Plan, a participant may direct employee contributions and employer matching contribution in any of the investment options available. The funds which represent 5% or more of the net assets available for benefits at December 31, 2001 are indicated by *.
Great West Life Funds:
1GCF 36M - Guaranteed Certificate Fund |
| 1GCF 60M - Guaranteed Certificate Fund |
1GCF 84M - Guaranteed Certificate Fund |
| 1MMF-1 - Short Term Fund I |
1LGRULT - American Century Ultra |
| 1LGRCON - AIM Constellation |
1SBLOI6 — Orchard Index 600 |
| 1LGRXGI - Maxim Growth Index |
1SVAXLS —Maxim Loomis Sayles Sm-Cap Value |
| 1SGRLDG — The Lord Abbett Growth Fund |
1BIMXUS - Maxim US Govt Mort Sec |
| 1BIMXBI — Maxim Bond Index |
1BMSXLC — Maxim Corp. Loomis Sayles Bond |
| 1BINXDG — Maxim Global Bond |
1BSHXST - Maxim Short-term Maturity |
| 1LBLFGO -Fidelity Adv Growth Opportunities |
1LBLOI5 - Orchard Index 500 |
| 1LGRWIN - AIM Weingarten |
1SVAXAS — Maxim Ariel Small Cap Value |
| 1MGRXTM - Maxim Mid Cap T. Rowe |
1LBLXFG — Maxim Growth & Income |
|
|
(Continued)
9
1LBLCHA - AIM Charter |
| 1LVAXVI - Maxim Value Index |
1LVAPGI - Putnam Fund-Growth & Income |
| 1IWSPGC - Putnam Global Growth |
1IFSXIA - Maxim Invesco ADR |
| 1IFSFAO- Fidelity Advisor Overseas |
1IPAXIP — Maxim Index Pacific Fund |
| 1IEUXIE - Maxim Index European Fund |
1CMMXMM - Maxim Money Market |
| 1PBAXP1 - Profile Series I |
1PBAXP2 - Profile Series II* |
| 1PBAXP3 - Profile Series III |
1PBAXP4 - Profile Series IV |
| 1PBAXP5 - Profile Series V |
1MVAOS2 — Oakmark Select II |
| Capital Corp of the West Stock* |
Participants may change their investment options.
Participants Notes Receivable - Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan transactions are treated as a transfer to (from) the Investment Fund from (to) the Participants Note Fund. Loan terms range from 1-5 years, unless the loan is used for the purchase of a primary residence of the Participant, in which case the term of such loan shall be arrived at by mutual agreement between the Committee and the Participant. All loans shall be secured by the borrower’s vested account balance and shall be evidenced by the borrower’s promissory note. The loans will bear interest at a rate being charged for similar purpose loans by institutional lenders. All loans have a definite repayment schedule with payments being no less than quarterly.
Benefit Payments - On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, annual installments over a period of 10 years or less or an amount each year not to extend beyond the participant’s life expectancy.
Forfeited Accounts — At December 31, 2001 forfeited nonvested accounts totaled $1,851. These accounts will be reallocated to participants in the same manner as employer contributions.
Administrative Expenses - Administrative expenses are paid directly by the Plan.
Note 2 - Summary of Accounting Policies:
Basis of Accounting - The financial statements of the Plan are prepared using the accrual method of accounting.
Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
(Continued)
10
Investment Valuation and Income Recognition - The Plan’s investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. Shares of Capital Corp of the West are valued by the exchange price on the Nasdaq National Market System at the close of business on December 31, 2001 and 2000. Participant notes receivable are valued at cost which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis.
Benefit Payments - Benefits are recorded when paid.
Note 3 - Plan Termination:
Although it has not expressed the intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, Participants will become fully vested in their accounts.
Note 4 - Tax Status:
The Plan obtained its latest determination letter on October 25, 1995, in which the Internal Revenue Service stated that the plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The plan has been amended since receiving the determination letter. However, the plan administrator and the plan’s tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.
11
CAPITAL CORP OF THE WEST
401(k) PLAN
DECEMBER 31, 2001
12
Schedule H — Part IV
For calender plan year 2001
Name of plan sponsor
Capital Corp of the West
Name of plan
Capital Corp of the West 401 (k) Plan
Schedule of Assets Held for Investment Purposes At End of Year | ||||||||
(A) |
| (B) |
| (C) |
| (D) |
| (E) |
|
| Guaranteed Certificate Fund — 36M |
|
|
|
|
| 15,098 |
|
| Guaranteed Certificate Fund — 60M |
|
|
|
|
| 1,676 |
|
| Short Term Fund I |
|
|
|
|
| 9,481 |
|
| American Century Ultra |
|
|
|
|
| 96,959 |
|
| AIM Constellation |
|
|
|
|
| 102,933 |
|
| Orchard Index 600 |
|
|
|
|
| 34,869 |
|
| Maxim Growth Index |
|
|
|
|
| 50,314 |
|
| Maxim Loomis Sayles Small Cap Value |
|
|
|
|
| 9,443 |
|
| The Lord Abbett Developing Growth Fund |
|
|
|
|
| 21,874 |
|
| Maxim US Gov’t Mortgage Securities |
|
|
|
|
| 52,910 |
|
| Maxim Bond Index |
|
|
|
|
| 17,148 |
|
| Maxim Corporate Loomis Sayles Bond |
|
|
|
|
| 33,596 |
|
| Maxim Global Bond |
|
|
|
|
| 2,696 |
|
| Maxim Short-term Maturity |
|
|
|
|
| 23,908 |
|
| Fidelity Advanced Growth Opportunities |
|
|
|
|
| 42,906 |
|
| Orchard Index 500 |
|
|
|
|
| 56,411 |
|
| AIM Weingarten |
|
|
|
|
| 84,270 |
|
| Maxim Ariel Small Cap Value |
|
|
|
|
| 21,896 |
|
| Maxim T. Rowe Price Mid-Cap Growth |
|
|
|
|
| 32,580 |
|
| Maxim Founder’s Growth & Income |
|
|
|
|
| 10,572 |
|
| AIM Charter |
|
|
|
|
| 144,835 |
|
| Maxim Value Index |
|
|
|
|
| 79,158 |
|
| Putnam Fund for Growth & Income |
|
|
|
|
| 148,053 |
|
| Oakmark Select II |
|
|
|
|
| 1,295 |
|
| Putnam Global Growth |
|
|
|
|
| 84,991 |
|
| Maxim Invesco ADR |
|
|
|
|
| 1,646 |
|
| Fidelity Advisor Overseas |
|
|
|
|
| 4,127 |
|
| Maxim Index Pacific Fund |
|
|
|
|
| 3,235 |
|
| Maxim Index European Fund |
|
|
|
|
| 1,814 |
|
| Maxim Money Market |
|
|
|
|
| 35,415 |
|
| Profile Series I |
|
|
|
|
| 73,801 |
|
| Profile Series II |
|
|
|
|
| 171,142 |
|
| Profile Series III |
|
|
|
|
| 79,830 |
|
| Profile Series IV |
|
|
|
|
| 52,578 |
|
| Profile Series V |
|
|
|
|
| 6,885 |
|
| Capital Corp of the West Stock |
| Employer Securities |
|
|
| 1,496,122 |
|
|
|
| Money Market |
|
|
| 65 |
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee of the Capital Corp of the West 401(k) Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Capital Corp of the West
401(k) and Employee Stock Ownership Plan
Date: | July 25, 2002 |
|
|
|
|
| By: | /S/ R. Dale McKinney |
|
| R. Dale McKinney |
|
| Chief Financial Officer |
14
