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): May 18, 2006
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FIRST FEDERAL BANC OF THE SOUTHWEST, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 000-51243 85-0453611
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(State or Other Jurisdiction) (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
300 North Pennsylvania Avenue, Roswell, New Mexico 88201
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (505) 622-6201
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Not Applicable
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(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):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On May 18, 2006, First Federal Banc of the Southwest, Inc. (the "Company"),
entered in to an employment agreement (the "Agreement") with Aubrey L. Dunn,
Jr., President, Chief Executive Officer and director of the Company and First
Federal Bank, the wholly-owned subsidiary of the Company. The Agreement is
attached as Exhibit 10.1 to this Current Report on Form 8-K. The Agreement
provides for a 20-month term and a yearly salary of not less than $241,500. The
Agreement also provides for certain other benefits including, but not limited
to, participation in retirement plans, supplemental retirement plans, pension
plans, profit-sharing plans, stock option and restricted stock plans,
health-and-accident plans and medical coverage. In the event that Mr. Dunn is
terminated without cause, he will be entitled to receive a lump sum payment
equal to $500,000 plus a continuation of benefits for a period of 20 months
following the date of termination.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
(c) Shell company transactions: None
(d) Exhibits:
Exhibit 10.1: Employment Agreement of Aubrey L. Dunn, Jr.
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.
FIRST FEDERAL BANC OF THE SOUTHWEST, INC.
Date: May 19, 2006 By:/s/ George A. Rosenbaum, Jr.
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George A. Rosenbaum, Jr.
Executive Vice President and Chief Financial Officer
(Duly Authorized Representative)