Community West Bancshares Engages M&A Firm.

GOLETA, Calif.--(BUSINESS WIRE)--April 27, 1999--

Lew Stone, president and chief executive officer of Community West Bancshares, announced that the company has engaged the services of Gerrish & McCreary to assist it with potential mergers and acquisitions.

Stone said: "We have watched with interest as the Financial Accounting Standards Board, the FASB, has tackled the issue of accounting for mergers and acquisitions. The FASB's recent decisions will effectively eliminate the use of the pooling-of-interests method of accounting, for any transactions not completed by Jan. 1, 2001.

"However, we also believe that there will be a rash of transactions between now and then, and transactions initiated much after the first of next year may not be completed in time. We are, therefore, proactively addressing this issue by exploring all possible options and opportunities, and Gerrish & McCreary will assist us in our efforts."

Gerrish & McCreary is a legal and consulting firm with headquarters in Memphis, Tenn. The legal firm was ranked third nationally in the number of bank merger and acquisition transactions completed during 1998.

Stone said: "We have worked with them on our strategic planning and are pleased that they will be assisting us in our efforts. Our blend of cutting-edge technology and aggressive product growth in banking, and their knowledge of the M&A arena, should allow us to identify excellent opportunities."

Community West Bancshares is a technology and financial-services company with headquarters in Goleta. Goleta National Bank, subsidiary of the company, has two full-service branches, one in Goleta and one in Ventura, Calif., and loan production offices located in Alabama, California, Florida, Georgia and Nevada.

In addition, Goleta National Bank is majority owner of Electronic Paycheck LLC. Palomar Savings & Loan Association, subsidiary of the company, has two full-service branches and a loan production office, all located in Escondido, Calif.

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 technology strategy, originate loans, the final decisions by the FASB, and the ability of the company to identify suitable merger or acquisition partners. The company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including general economic conditions and "Competition" as described in the company's Form 10-K for the year ended Dec. 31, 1998.