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Community West Bancshares Subsidiary to Securitize Second Mortgage Loans.

GOLETA, Calif.--(BUSINESS WIRE)--Jan. 14, 1998--Lew Stone, president & chief executive officer of Community West Bancshares, announced that during 1998, the company's subsidiary, Goleta National Bank intends to form one or more securities backed by second mortgage loans and sell the securities into the secondary market.

Stone said, "For the last two years we have been originating FHA Title 1 and other second mortgage loans which we have sold to others who use the loans for collateral for assets backed securities. We are now ready to form the securities ourselves."

To assist in the securitization efforts, the bank has engaged Deloitte & Touche LLP Securitization Strategies Team. Stone explained, "We know that to properly deal with the various parties to a securitization requires not only product knowledge, but market experience, and we believe Deloitte & Touche will be invaluable in our efforts."

While no specific time frame has been set, the bank believes the first such security will be completed during the second quarter of the year.

Community west Bancshares is a financial services company with headquarters in Goleta. The company recently completed the acquisition of Goleta National Bank which has loan production offices in Santa Ana, Ventura, Santa Barbara, Santa Maria, Bakersfield, and Fresno in California, Las Vegas and Atlanta. In addition, the bank is majority owner of Electronic Paycheck LLC.

CONTACT: Community West Bancshares, Goleta

Randy Shaffer, 805/692-5821

fax, 805/692-5835

http://www.communitywest.com
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Publication:Business Wire
Date:Jan 14, 1998
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