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): January 25, 2007

PROVIDENT FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Delaware

000-28304

33-0704889

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

3756 Central Avenue, Riverside, California

92506

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (951) 686-6060

 

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.
 

[  ]     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))

 

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Item 1.01 Entry into a Material Definitive Agreement.

        The information included in Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01 of this Current Report on Form 8-K.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

        (c) On January 23, 2007, Provident Savings Bank, F.S.B. ("Bank"), the wholly owned subsidiary of Provident Financial Holdings, Inc. ("Corporation"), appointed Donavon P. Ternes to the position of Executive Vice President. Mr. Ternes will continue to serve as the Chief Financial Officer and Corporate Secretary of the Corporation and Bank.

        Mr. Ternes' compensation arrangement with the Bank provides that he will be entitled to an annual base salary of $210,000 and eligible to receive an annual bonus with a baseline target of 38% of his annual base salary. Mr. Ternes' other compensation and benefit arrangements remain unchanged except for those that are calculated in accordance with Mr. Ternes' new base salary, which the Company, for the purposes of this disclosure, has deemed immaterial.

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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.

   
Date: January 25, 2007 PROVIDENT FINANCIAL HOLDINGS, INC.
   
   
   
  /s/ Craig G. Blunden                                                
  Craig G. Blunden
  Chairman, President & CEO.
  (Principal Executive Officer)

 

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