UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): DECEMBER 20, 2006
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COMMUNITY SHORES BANK CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN 000-51166 38-3423227
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification Number)
1030 W. NORTON AVENUE, MUSKEGON, MICHIGAN 49441
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 231-780-1800
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 (17CFR
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 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
Election of Mr. Jonathan L. Smith to the Board of Directors
On December 20, 2006, the Board of Directors of Community Shores Bank
Corporation (the "Company") elected a new director, Jonathan L. Smith. Mr. Smith
has been elected to serve as a Class I director, and his initial term expires at
the annual meeting of the shareholders in 2008. Also, on December 20, 2006, Mr.
Smith was elected by the Board of Directors of the Company's wholly owned
subsidiary, Community Shores Bank (the "Bank"), to serve as a director of the
Bank for a term expiring at the 2007 annual meeting of the shareholders of the
Bank.
The Board of Directors of the Company has not made a determination
regarding the committees of the Board to which Mr. Smith will be appointed. The
election of Mr. Smith was not pursuant to any arrangement or understanding
between Mr. Smith and any third party. As of the date of this report, neither
Mr. Smith nor any member of his immediate family is a party, either directly or
indirectly, to any transaction that the Company is aware of, that is required to
be reported pursuant to Item 404(a) of Regulation S-B under the Securities
Exchange Act of 1934.
Mr. Smith will be compensated for his service on the Boards of Directors
of the Company and the Bank, and any committees of those Boards on which he
serves in accordance with the Company's and the Bank's compensation arrangements
for non-employee directors. As disclosed in the Company's proxy statement for
its 2006 annual meeting of shareholders, compensation for non-employee directors
for 2006 consists of a $2,000 retainer, a fee of $250 for each Board or
committee meeting attended, and for Board and committee chairpersons, additional
chairperson fees of $50 to $150 per meeting. For 2006, Mr. Smith will receive a
meeting fee of $250 for each meeting of the Board of Directors of the Company or
the Bank, or of a committee of either, that he attends. When meetings are held
on the same day of the Boards of Directors of the Company and the Bank, or of
committees of each having the same name or performing similar functions,
directors and chairpersons usually receive only one meeting and chairperson fee
for the two Board or committee meetings.
For 2007, Mr. Smith will receive an annual retainer, meeting fees, and if
applicable, chairperson fees, as approved by the Board of Directors of the
Company or the Bank, and will be eligible to receive a stock option under the
Company's 2005 Director Stock Option Plan.
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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 SHORES BANK CORPORATION
By: /s/ Tracey A. Welsh
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Tracey A. Welsh
Senior Vice President, Chief Financial
Officer and Treasurer
Date: December 20, 2006
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