Filippin William F Form 4 COMMUNITY WEST BANCSHARES / William F Filippin ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Filippin William F

(Last) (First) (Middle)

445 PINE AVE.

(Street)

GOLETA CA 93117

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY WEST BANCSHARES / [ CWBC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President/Chief Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2024		D		13,511	D	$15.71(1)(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$6.59	04/01/2024		D			15,800	06/25/2016	06/25/2025	Common Stock	15,800	(1)(2)	0	D
Stock Option	$6.86	04/01/2024		D			6,000	03/24/2017	03/24/2026	Common Stock	6,000	(1)(2)	0	D
Stock Option	$11.2	04/01/2024		D			5,000	02/22/2019	02/22/2028	Common Stock	5,000	(1)(2)	0	D
Stock Option	$10.28	04/01/2024		D			7,500	02/28/2020	02/28/2029	Common Stock	7,500	(1)(2)	0	D
Stock Option	$6.71	04/01/2024		D			2,000	04/29/2021	04/29/2030	Common Stock	2,000	(1)(2)	0	D
Stock Option	$9.8901	04/01/2024		D			10,000	02/25/2022	02/25/2031	Common Stock	10,000	(1)(2)	0	D
Stock Option	$12.94	04/01/2024		D			20,000	11/18/2022	11/18/2031	Common Stock	20,000	(1)(2)	0	D
Restricted Stock Reward	$0	04/01/2024		D			1,500	04/01/2024	(3)	Common Stock	1,500	(1)(2)	0	D
Restricted Stock Reward	$0	04/01/2024		D			2,400	04/01/2024	(3)	Common Stock	2,400	(1)(2)	0	D

Explanation of Responses:

1. Disposed of pursuant to the Agreement and Plan of Merger, dated as of October 10, 2023 (the "Merger Agreement"), by and between Central Valley Community Bancorp ("Central Valley") and Community West Bancshares (the "Company"), providing for the Company to merge (the "Merger") with and into Central Valley with Central Valley being the surviving entity. The Merger became effective at 12:01 a.m. on April 1, 2024 (the "Effective Time"), at which time (i) each share of Company common stock, other than excluded shares and dissenting shares, was converted into the right to receive 0.79 of a share of common stock of Central Valley, with cash to be paid in lieu of any fractional shares of common stock of Central Valley (the "Merger Consideration"); (to be continued)

2. (Continued from Footnote (1)) (ii) each outstanding unvested Company restricted stock award automatically vested in full and became entitled to the Merger Consideration; and (iii) each outstanding unvested Company stock option automatically vested in full, and each outstanding stock option was substituted for a stock option issued by Central Valley for the right to receive a number of shares of Central Valley's common stock at an exercise price, both adjusted for the Merger Consideration. Based on the closing stock price of Central Valley as of March 28, 2024, or $19.89 per share of Central Valley common stock), the value of the Merger Consideration was $15.71 ($19.89 * $ 0.79). Also as of April 1, 2024, Central Valley changed its corporate name to Community West Bancshares

3. Not applicable.

	/s/ Nadia Young on behalf of William F Filippin	04/05/2024
	** Signature of Reporting Person	Date
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