GOLETA, Calif., July 29, 2011 (GLOBE NEWSWIRE) -- Community West Bancshares ("Community West"), (Nasdaq:CWBC), parent company of Community West Bank, today announced that Lynda J. Nahra is resigning as president and CEO and as a director effective July 29, 2011, for personal reasons.
"We appreciate the hard work and efforts Ms. Nahra has made and wish her the best of success in future endeavors," said William R. Peeples, Chairman of the Board.
Edward J. Mylett has been appointed Acting President and Chief Executive Officer of Community West Bank. Mr. Mylett has been serving as an executive consultant to various banks and was previously with Citizens Business Bank from 2002 to 2008, where he served as its Executive Vice President and Chief Credit Officer from 2006 to 2008. In that capacity, Mr. Mylett was responsible for the Credit Administration of a $3.5 billion loan portfolio and the production units.
William R. Peeples, Chairman and a Director, has been appointed interim President and Chief Executive Officer of the Company and will receive no compensation for serving during the interim period. Mr. Peeples and Robert H. Bartlein, Chairman of Community West Bank and a Director, will comprise the search committee to locate the permanent replacement.
Company Overview
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 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.