Community West Bancshares Resumes Stock Buyback Plan.Business Editors GOLETA, Calif.--(BUSINESS WIRE)--May 24, 2001 Community West Bancshares (Nasdaq:CWBC CWBC Constant-Weight Binary Code ) today announced the resumption of the company's stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. plan. Under the plan, which was approved in December of 1998, the company is authorized to repurchase up to $2 million worth of outstanding shares of its common stock. The company has previously repurchased shares at a cost of $1.2 million, but has not been active since 1999. The remaining $800,000 worth of stock will be purchased in the open market from time to time and used for general corporate purposes. Lew Stone, president and chief executive officer, said: "We are pleased to resume our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, it is a reflection of our confidence in the company's future prospects. We believe our shares represent an attractive investment for the company, especially at their current market valuation, which is under their book value." Company Overview Community West Bancshares is a financial services company with headquarters in Goleta. The company currently has two subsidiaries. Goleta National Bank has two full-service branches, one in Goleta and one in Ventura, Calif. It is one of the nation's largest 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 lenders with loan production offices located in Alabama, California, Florida, Georgia, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Tennessee, Oregon, Washington and Nevada. Palomar Community Bank has a full-service branch located in Escondido, Calif. The principal business areas and profit generators of the company are core banking with net interest margins, mortgage lending with fee income and Small Business Administration (SBA) lending with fee income. Safe Harbor Disclosure 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 strategy and expand its lending operations. Furthermore the company will have certain restrictions placed on its operations by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. until it deems that it has substantially complied with the letter agreement signed by the GNB GNB Guinea-Bissau (ISO Country code) GNB Good News Bible GNB Group of Notified Bodies GNB Gram-Negative Bacillus GNB Grenoble, France - St Geoirs (Airport Code) GNB Global Networked Business board of directors. The company has attempted to incorporate these restrictions into its business plans and it believes that they will not impact the organization's earnings ability into the future. |
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