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FCAL > SEC Filings for FCAL > Form 8-K on 17-Jun-2009All Recent SEC Filings

Show all filings for FIRST CALIFORNIA FINANCIAL GROUP, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for FIRST CALIFORNIA FINANCIAL GROUP, INC.


17-Jun-2009

Change in Directors or Principal Officers, Financial State


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) Appointment of William Schack as Senior Vice President and Chief Credit Officer

On June 15, 2009, First California Financial Group, Inc. (the "Company") announced the promotion of William Schack to Senior Vice President and Chief Credit Officer of First California Bank (the "Bank"), from Senior Vice President, Credit Administration. The position of Chief Credit Officer was previously held by Walter Duchanin, who passed away unexpectedly in November 2008.

Currently, there is no written employment agreement between the Company and Mr. Schack. In connection with his promotion to the position of Senior Vice President and Chief Credit Officer of the Bank, Mr. Schack's base salary will be increased from $163,800 to $196,000, and his annual bonus will be increased from a range of 20% to 60% of his annual salary to a range of 23% to 70% of his annual salary, subject to achieving certain performance measures. Mr. Schack was also granted a stock option exercisable for 5,000 shares of the Company's common stock, which vests in five equal annual installments beginning June 12, 2010 and which has an exercise price of $7.35 per share of common stock.

A copy of the Company's June 15, 2009 press release announcing Mr. Schack's promotion is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following Exhibits are filed with this Form 8-K.

Exhibit No. Description

99.1 Press Release, dated June 15, 2009.


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