Community Bancorp Announces Victory in Appeal of Lawsuit Against Subsidiary.Business Editors FALLBROOK, Calif.--(BUSINESS WIRE)--Oct. 25, 2000 Community Bancorp Inc. (Nasdaq:CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ) today announced that the District Court of Appeal of the State of California reversed the judgment on the fraud cause of action against its bank subsidiary, Community National Bank, formerly Fallbrook National Bank. In the breach-of-contract cause of action, the determination of damages has been reversed and remanded for a new trial. The decision is subject to appeal. "The court's decision is especially gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. ," stated Thomas E. Swanson, 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. . "The reversal proves that the accusation of fraud was unfounded." Community Bancorp is a $267 million financial institution headquartered in Fallbrook, California. Located between Los Angeles and San Diego, the bank's primary focus is community banking and commercial lending, with additional lending niches of 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 and aircraft lending. A Preferred Lender, Community National Bank is the 7th largest SBA lender in California and 34th in the nation. The bank serves North San Diego and the Inland Empire communities with retail banking offices in Fallbrook, Temecula and Vista. The bank has loan production offices in Fallbrook, Los Angeles, Ontario, Orange, Sacramento, Temecula, Vista and in the East San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion