American River Bankshares | ||||
(Exact name of registrant as specified in its chapter) | ||||
California
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0-31525
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68-0352144
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(State or other jurisdiction Of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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3100 Zinfandel Drive, Suite 450, Rancho Cordova, California
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95670
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(Address of principal executive offices)
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(Zip Code)
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(e)
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(2) On March 16, 2011, the Board of Directors of the registrant, American River Bankshares, approved the Sixth Amendment to the American River Bankshares 2005 Executive Annual Incentive Plan (the “Plan”). The Sixth Amendment modifies Attachment A of the Plan by setting the performance metrics and the weightings for 2011, and Attachment B of the Plan, Funding Thresholds, by adjusting the performance targets based upon the Registrant’s 2011 budget. The targets for the 2011 performance metrics have been reset to the budget for 2011. In addition the target for net income is calculated on a pre-incentive, after tax basis. The Sixth Amendment sets the performance metrics and the weightings for 2011 for the incentive compensation plan as follows:
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Net Income of the Company
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30 | % | ||
Core Deposit Growth
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15 | % | ||
Loan Growth
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25 | % | ||
Classified Loans to Equity
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30 | % |
Chief Executive Officer
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50 | % | ||
Chief Financial Officer, Chief Credit Officer and Chief Operating Officer
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30 | % |
Chief Executive Officer
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25 | % | ||
Chief Financial Officer, Chief Credit Officer and Chief Operating Officer
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15 | % |
Chief Executive Officer
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75 | % | ||
Chief Financial Officer, Chief Credit Officer and Chief Operating Officer
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45 | % |
(a)
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Financial Statements
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Not Applicable.
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(b)
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Pro Forma Financial Information
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Not Applicable.
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(c)
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Shell Company Transactions
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Not Applicable.
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(d)
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Exhibits
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Not Applicable.
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AMERICAN RIVER BANKSHARES
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s
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Mitchell A. Derenzo
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March 16, 2011
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Mitchell A. Derenzo, Chief Financial Officer
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