IRVINE, Calif., Aug. 18, 2016 /PRNewswire/ -- CommerceWest Bank (OTCBB: CWBK) announced today that the Bank has received the Bank's Board of Directors and regulatory approval of a common stock repurchase program of up to $3.2 million over the next twelve months.
Ivo A. Tjan, Chairman and CEO of CommerceWest Bank, said, "The Bank is very pleased to be able to implement this stock repurchase program. The Bank's strong financial performance over the past few years allows us to repurchase these shares as a strategy to enhance shareholder value."
The timing of repurchases and the exact amount of common equity that may be repurchased under the new authorization will depend on various factors, including market conditions; legal and regulatory considerations; and the Bank's capital position. The repurchase program does not include specific price targets or timetables; will be executed through open market purchases; and may be suspended at any time.
CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered in Irvine, California. The Bank serves businesses throughout the state with an emphasis on clients in Orange County, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking, mobile banking, lines of credit, working capital loans, commercial real estate loans, SBA loans, and cash management services.
Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.
Please visit www.cwbk.com to learn more about the bank. "BANK ON THE DIFFERENCE"
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
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SOURCE CommerceWest Bank