Community West Bancshares Authorizes Extension to Stock Repurchase Plan

Rhea-AI Summary

Community West Bancshares has extended its stock repurchase plan until August 31, 2023, with a remaining balance of $1,435,783 from the initial $4.5 million. The repurchase can occur in the open market or through private transactions. The company operates Community West Bank, serving California's Central Coast, and has received notable industry recognition, including a "Super Premier Performance" rating from The Findley Reports. These actions reflect the company's commitment to enhancing shareholder value.

Positive

• Extension of stock repurchase plan reflects commitment to shareholder value.
• Remaining balance of $1,435,783 available for stock buyback.
• Community West Bank recognized with a 'Super Premier Performance' rating.

Negative

• None.

GOLETA, Calif., Aug. 27, 2021 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today announced that its Board of Directors has extended the stock repurchase plan until August 31, 2023. The balance available for common stock repurchase from the authorized $4.5 million is $1,435,783. Stock repurchase may be made from time to time on the open market or through privately negotiated transactions.

Company Overview

Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, the largest publicly traded community bank serving California’s Central Coast area of Ventura, Santa Barbara and San Luis Obispo counties. Community West Bank has seven full-service California branch banking offices in Goleta, Santa Barbara, Santa Maria, Ventura, San Luis Obispo, Oxnard and Paso Robles. The principal business activities of the Company are Relationship Banking, Manufactured Housing lending and Government Guaranteed lending.

Industry Accolades

In April 2021, Community West Bank was awarded a “Super Premier Performance” rating by The Findley Reports. For 52 years, The Findley Reports has been recognizing the financial performance of banking institutions in California and the Western United States. In making their selections, The Findley Reports focuses on these four ratios: growth, return on beginning equity, net operating income as a percentage of average assets, and loan losses as a percentage of gross loans. We are also rated 5 star Superior by Bauer Financial.

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:	Susan C. Thompson, EVP & CFO
	805.692.5821
	www.communitywestbank.com

FAQ

What is the remaining amount for the stock buyback for CWBC?

The remaining balance for the stock repurchase plan is $1,435,783.

Until when is the stock repurchase plan for CWBC extended?

The stock repurchase plan has been extended until August 31, 2023.

What is Community West Bancshares' stock symbol?

The stock symbol for Community West Bancshares is CWBC.

What recognition has Community West Bank received?

Community West Bank was awarded a 'Super Premier Performance' rating by The Findley Reports.

How does the stock repurchase plan impact CWBC shareholders?

The stock repurchase plan aims to enhance shareholder value by reducing the number of shares outstanding.