Community West Bancshares - CWBC STOCK NEWS

Community West Bancshares (NASDAQ: CWBC) reported unaudited consolidated net income of $3,385,000 and diluted earnings per common share of $0.18 for Q3 2024, compared to $6,390,000 and $0.54 per diluted share in Q3 2023. The company completed its merger with Central Valley Community Bancorp on April 1, 2024, with Central Valley Community Bank merging into Community West Bank. The combined entity, headquartered in Fresno, California, operates full-service Banking Centers throughout Central California, offering various services including Commercial Lending, Agribusiness, SBA, and Mortgage services.

Community West Bancshares (NASDAQ: CWBC) reported a consolidated net loss of $6,290,000 and a fully diluted loss per common share of $0.33 for Q2 2024. This contrasts with net income of $6,282,000 and earnings of $0.54 per fully diluted common share for Q2 2023. The loss is attributed to merger-related expenses, including a provision for loan losses of the acquired loan portfolio.

On April 1, 2024, Central Valley Community Bancorp completed its merger with Community West Bancshares. Subsequently, Community West Bank merged into Central Valley Community Bank, with the latter being the surviving institution. The corporate names were changed to Community West Bancshares and Community West Bank, respectively.

Community West Bancshares, headquartered in Fresno, California, operates full-service Banking Centers throughout California, offering Commercial, Real Estate, and Agribusiness Lending, as well as Private Banking and Cash Management services.

Community West Bancshares reported unaudited consolidated net income of $3,676,000 and fully diluted earnings per common share of $0.31 for the first quarter of 2024, compared to $6,970,000 and $0.59 per share for the same period in 2023. The company completed the acquisition of Community West Bancshares and its subsidiary, Community West Bank, on April 1, 2024, expanding its presence in Central California.

Central Valley Community Bancorp successfully completes the merger with Community West Bancshares, creating a combined company with total assets of approximately $3.5 billion. The merger was an all-stock transaction valued at around $143 million, with Community West shareholders receiving 0.79 shares of Central Valley common stock for each share of Community West common stock. The resulting company retains the banking offices of both banks, with expanded territory and a new name and ticker symbol on NASDAQ (CWBC). The Board of Directors and Executive Management Team undergo reorganization to accommodate the merger.

Central Valley Community Bancorp (CVCY) and Community West Bancshares (CWBC) announced shareholder approval for their merger, creating a combined company with $3.6 billion in assets and 27 banking centers in Central California. The merger is expected to be completed by April 1, 2024, with operational system conversion by the third quarter of 2024.

Community West Bancshares reported a net income of $7.3 million for the year ended December 31, 2023, compared to $13.4 million for the previous year. The pending merger with Central Valley Community Bancorp negatively impacted earnings. The company's Board of Directors declared a quarterly cash dividend of $0.08 per common share. The merger with Central Valley is expected to close in the second quarter of 2024.

Community West Bancshares reports net income of $2.3 million for Q3 2023, announces merger with Central Valley Community Bancorp

Central Valley Community Bancorp and Community West Bancshares announce all-stock merger transaction.

Community West Bancshares extends stock repurchase plan until August 31, 2025 with $1,435,783 available for common stock repurchase from the authorized $4.5 million.