CW BANCORP Quarterly Cash Dividend Increases by 5%

Rhea-AI Summary

CW Bancorp (OTC:PINK:CWBK) has announced a quarterly cash dividend of $0.23 per common share, marking a 5% increase from the previous quarter. The dividend is payable on April 3, 2023 to shareholders on record as of March 10, 2023. The bank aims to enhance banking for small and medium-sized businesses through customized services and a robust digital banking platform, while focusing on delivering a safe and sound banking experience. The company stresses its commitment to future growth and successful financial performance, acknowledging economic factors that could impact results.

Positive

• Quarterly cash dividend declared at $0.23 per share, a 5% increase.
• Confidence in future growth and income forecast.

Negative

• Risks and uncertainties highlighted regarding future performance.
• Potential impacts from changes in interest rates and economic conditions.

IRVINE, Calif.--(BUSINESS WIRE)-- CW BANCORP (OTCQX: CWBK), the parent company of CommerceWest Bank, announced the approval of a quarterly cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $0.23 per common share, an increase of 5% from the prior quarter, payable April 3, 2023 to shareholders of record on March 10, 2023.

CommerceWest Bank is determined to redefine banking for small and medium sized businesses by delivering on customized products and services. Founded in 2001 and headquartered in Irvine, California, the Bank serves businesses throughout the state of California with our digital banking platform. By employing a strategically selected team of experienced professionals, we will provide flexibility, create a complete, safe and sound banking experience for each client. We provide a wide range of commercial banking services, including, remote deposit solution, NetBanker online banking, mobile banking, lines of credit, M&A / working capital loans, commercial real estate loans, SBA loans and treasury management services.

Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.

Please visit www.cwbk.com to learn more about the bank. “BANK ON THE DIFFERENCE”

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005919/en/

Bancorp Contact

CW Bancorp

Mr. Ivo A. Tjan, CEO

Ms. Leeann Cochran, CFO

Telephone: (866) 521-CWBK

E-mail: InvestorRelations@cwbk.com

Website: www.cwbk.com

“Bank on the Difference”

Source: CW BANCORP

FAQ

What is the dividend amount declared by CWBK for Q1 2023?

CWBK declared a dividend of $0.23 per common share.

When is the CWBK dividend payment date?

The dividend will be paid on April 3, 2023.

What is the record date for the CWBK dividend?

Shareholders must be on record by March 10, 2023.

How much has CWBK increased its dividend compared to the previous quarter?

The dividend has increased by 5% from the prior quarter.

What services does CWBK offer to small and medium-sized businesses?

CWBK provides customized banking products and a digital banking platform.