MERCED, Calif.--(Business Wire)--
Capital Corp of the West (Nasdaq:CCOW), the holding company for
County Bank, today announced that it is in the process of finalizing
its audit and preparation of the Company's 2007 Form 10-K and was
unable to complete this in time for the extended deadline following
its filing of Form 12b-25. The Company expects to file its 2007 Form
10-K on Wednesday, April 2 and to report results for the year ended
December 31, 2007.
As previously disclosed in its Notification on Form 12b-25 filed
with the Securities and Exchange Commission on March 17, 2008, the
Company was not able to file its Annual Report on Form 10-K for the
year ended December 31, 2007 (the "2007 Form 10-K") in a timely manner
due to an extended evaluation of the Company's allowance for loan
losses and related matters, certain material weaknesses in the
Company's credit / lending and accounting functions and the efforts
necessary to correct for these weaknesses and ensure that other items
related to these weaknesses are correctly accounted for as of December
31, 2007.
Note: This document contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. There can be no assurances that
these forward-looking statements will be achieved, and actual results
could differ materially from those suggested by such forward-looking
statements. Important factors that could cause actual results to
differ materially include: whether the Company can complete its
financial statements within the expected period in light of material
weaknesses previously identified; whether all or any of these matters
affect the ability of the Company's outside auditors to complete their
audit and any related procedures required with respect to the Form
10-K; the impact, if any, of the results and findings on the financial
statements of the Company; and risks of litigation and governmental or
other regulatory inquiry or proceedings arising out of or related to
any of the matters described above. Therefore, any forward-looking
statements in this press release should be considered in light of
various important factors, including the risks and uncertainties
listed above, as well as others. The Company makes no commitment to
revise or update any forward-looking statements in order to reflect
events or circumstances after the date any such statement is made.
Capital Corp of the West
Thomas Smith, 209-725-4552
Copyright Business Wire 2008
