Community West Bancshares Announces Policy for Accepting State of California Registered Warrants
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GOLETA, Calif.--(Business Wire)--
Community West Bancshares (NASDAQ:CWBC) and its subsidiary, Community West Bank
("Bank"), announced today that it will accept California Registered Warrants
("Warrants") on behalf of its customers, through Friday, July 10, 2009. The hope
is that the State`s budget issues will be resolved this week. Through July 10,
2009, the Bank will not assess a transaction service fee. After July 10, 2009,
the Bank will charge a 2% fee on each Warrant transaction to cover the handling
costs and administrative procedures required by the State.
Background of Warrants: Because of the current California budget issues, the
State intends to issue these Warrants, which is a "promise to pay", when there
is not enough cash to meet all its payment obligations. These Warrants, or
IOU`s, will be issued in the place of checks.
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,
which has five full-service California branch banking offices, in Goleta,
Ventura, Santa Maria, Santa Barbara 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.
Community West Bancshares
Lynda J. Nahra, President and CEO
805-692-5821
lnahra@communitywestbank.com
www.communitywest.com
Copyright Business Wire 2009
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