CommerceWest Bank's Public Stock Offering is Oversubscribed.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--Aug. 6, 2003 CommerceWest Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CWBK), Ivo A. Tjan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. announced that the secondary public stock offering was a complete success. The bank filed to issue $7.5 million of common stock, however it received $9 million and closed the offering two weeks early on Friday, August 1st. The bank was required to return monies back to the investment community as a result of the outstanding interest in CommerceWest stock and has been returning checks everyday since the closing. "The offering was a tremendous success for the bank and reinforced our belief in the vision of the bank. We feel strongly that our vision for banking will redefine the way business banking is done," said Mr. Tjan. The bank issued an additional 120,000 shares beyond what was initially expected for a total of 720,000 shares. Mr. Tjan further commented, "I was not the least surprised at the remarkable investment interest in our bank. I believe our investors observed our innovative and professional approach to business banking and responded positively to this exceptional structure." About CommerceWest Bank CommerceWest Bank is headquartered at 4701 Von Karman Avenue in Newport Beach, CA and offers a wide range of banking services, including SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lending to the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, business marketplace. CommerceWest Bank creates 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . |
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