GOLETA, Calif., July 28, 2014 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today announced its Board of Directors has declared a quarterly cash dividend of $0.02 per common share. The dividend will be payable August 29, 2014, to common shareholders of record on August 4, 2014.
"We are pleased to be able to resume paying a quarterly cash dividend to our shareholders, who have been very loyal over the years," said Martin Plourd, President and CEO. "The cash dividend reflects Community West's commitment to return value to its shareholders. It is also a testament to the strength of the core banking activities and financial performance of our franchise."
The payment of cash dividends remains subject to review by the appropriate regulatory authorities and the Board of Directors on a quarterly basis.
Additionally, the Board of Directors will consider, on a regular basis, the partial redemption of the 9%, Cumulative Perpetual Preferred Stock, Series A. On June 20, 2014, the Company redeemed $7,804,000, leaving a remaining balance of $7,796,000. The determination to actually make any future redemptions is subject to regulatory approvals and action by the Board of Directors after consideration of the Company's financial condition and results of operations at the time. It is anticipated that any future redemptions would be payable from future earnings.
Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, which has five full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.
Safe Harbor Disclosure
This release contains forward-looking statements that reflect management's current views of future events and operation including statements regarding the declaration and payment of any future cash dividends and any future redemption of any 9% Cumulative Perpetual Preferred Stock, Series A. 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, expand its lending operations, and recognize earnings. For a more complete discussion of risks and uncertainties, investors and security holders are urged to real the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by the Company with the SEC.
Martin E. Plourd President/CEO 805.692.4382 www.communitywestbank.com