Community West Bancshares Receives FRB Approval to Pay Preferred Dividends
GOLETA, Calif., Dec. 26, 2013 (GLOBE NEWSWIRE) -- Community West Bancshares
(Community West or the Company), (Nasdaq:CWBC), parent company of Community
West Bank (Bank), today reported that the Federal Reserve Board (FRB) approved
its request for permission to pay outstanding, cumulative dividends on the
Company's Series A Preferred Stock, which were deferred from May 15, 2012
through November 15, 2013. The $1.4 million in deferred dividend payments were
accrued when due and were deducted from capital. The payment is expected to be
remitted in January 2014.At September 30, 2013, Community West's unaudited
capital ratios were 17.62% for Total risk-based capital and 12.10% for Tier 1
On October 24, 2013, Community West reported net income increased to $2.6
million in the third quarter of 2013 (3Q13) compared to $2.1 million in the
second quarter of 2013 (2Q13) and $613,000 in the third quarter a year ago
(3Q12).In the first nine months of the year, Community West earned $5.9
million compared to $841,000 in the first nine months of 2012.
Community West Bancshares is a financial services company with headquarters in
Goleta, California.The Company is the holding company for Community West
Bank, which has five full-service California branch banking offices, in
Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village.The
principal business activities of the Company are Relationship banking,
Mortgage lending and SBA lending.
Safe Harbor Disclosure
This release contains forward-looking statements that reflect management's
current views of future events and operations.These forward-looking
statements are based on information currently available to the Company as of
the date of this release.It is important to note that these forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, including, but not limited to, the ability of the Company to
implement its strategy and expand its lending operations.
CONTACT: Charles G. Baltuskonis, EVP & CFO
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