Irvine, California – November 25, 2020 – CommerceWest Bank announced the approval of a quarterly cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $0.20 per common share, payable January 2, 2021 to shareholders of record on December 4, 2020.
Irvine, California – October 27, 2020 – CommerceWest Bank reported net income for the three months ended September 30, 2020 of $1,975,000 or $0.54 a share as compared to $1,017,000 or $0.28 a share for the three months ended June 30, 2020, an EPS increase of 93%. Net income for the three months ended September 30, 2020 was $1,975,000 or $0.54 per common share, compared with net income of $2,016,000 or $0.52 per common share for the three months ended September 30, 2019 an EPS increase of 4%. Net income for the nine months ended September 30, 2020 was $4,115,000 or $1.12 per common share, compared with net income of $6,094,000 or $1.71 per common share for the nine months ended September 30, 2019, an EPS decrease of 35%.
Irvine, California – October 13, 2020 – CommerceWest Bank won the Community Bank of the Year and Best E-Newsletter IMPACT Awards. The 2020 Internet Marketing Association IMPACT Awards exemplify best-in-class creativity, expertise and results achieved by the top practitioners, across every business segment.
IRVINE, CA, October 09, 2020 – The Board of Directors of CommerceWest Bank (the “Bank”) has approved entering into an Agreement and Plan of Reorganization and Merger (the “Plan of Merger”) with CW Bancorp (“Bancorp”) and CW Interim Merger Corp., by which the Bank intends to become a wholly-owned subsidiary of Bancorp. If the transaction is approved by the Bank’s shareholders and the appropriate federal and California state regulatory authorities, each of the outstanding shares of the Bank’s common stock will be exchanged for one share of Bancorp’s common stock. As a result, the shares of Bancorp’s common stock will be owned directly by the Bank’s shareholders in the same proportion as their existing ownership of Bank common stock immediately prior to the reorganization.
Irvine, California – August 28, 2020 – CommerceWest Bank announced the approval of a quarterly cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $0.20 per common share, payable October 01, 2020 to shareholders of record on September 11, 2020.
Irvine, California – July 27, 2020 – CommerceWest Bank reported pre-tax pre-provision income of $3,803,000 for the three months ended June 30, 2020 up 33% as compared to the same period one year ago and $7,145,000 for the six months ended June 30, 2020 up 34% as compared to the six months ended June 30, 2019. Net income reflected provision for loan losses of $2,450,000 for the quarter, up $2,270,000 from the same period one year ago. Net income for the six months ended June 30, 2020 reflected provision for loan losses of $4,593,000, up $4,283,000 from the same period one year ago. Net income for the three months ended June 30, 2020 was $1,017,000 or $0.28 per common share, compared with net income of $2,200,000 or $0.57 per common share for the three months ended June 30, 2019 an EPS decrease of 51%. Net income for the six months ended June 30, 2020 was $2,140,000 or $0.58 per common share, compared with net income of $4,078,000 or $1.06 per common share for the six months ended June 30, 2019, an EPS decrease of 45%.
Irvine, California – July 16, 2020 – CommerceWest Bank was approved by the Federal Reserve to participate in the Main Street Lending Program (MSLP). The Bank is participating in the program to assist financing for both existing clients and non-clients. Only a handful of Banks in the state of California are currently participating and accepting new clients through this program.
Irvine, California – May 29, 2020 – CommerceWest Bank announced the approval of a quarterly cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $0.20 per common share, payable July 01, 2020 to shareholders of record on June 12, 2020.
Irvine, California – April 29, 2020 – CommerceWest Bank reported net income for the three months ended March 31, 2020 of $1,123,000 or $0.30 per common share, compared with net income of $1,878,000 or $0.48 per common share for the three months ended March 31, 2019, an EPS decrease of 38%. Net Income reflected provision for loan losses of $2.143 million for the quarter, up $2.013 million from the same period one year ago. The negative impact of this increased provision was $0.40 per common share.
Irvine, California – April 3, 2020 – CommerceWest Bank announced the funding of its first Payroll Protection Program loan made available through the recently approved CARES Act. Mr. Ivo Tjan, Chairman and CEO commented, “We are here to help. We are ready and able to assist the local business community during these challenging times. Our team has worked tirelessly to set up this program in preparation for funding loans today. We want our clients and other businesses in Southern California to be able to keep paying their employees during this unprecedented event.”