CommerceWest Bank (OTCBB:CWBK) today announced that on January 31, 2012 its Board of Directors has authorized the repurchase of up to $350,000.00 of the Bank's outstanding shares (approximately 60,869 shares as of January 31, 2012) pursuant to its stock repurchase program. The repurchase of stock by the Bank may be effected through open market or private transactions, subject to the Bank's assessment of market conditions and buying opportunities from time to time.
Ivo A. Tjan Chairman and CEO (Photo: Business Wire)
Mr. Ivo Tjan, Chairman and CEO commented, "The repurchase of stock supports the confidence that management has in our company today and in the future. We believe that the shares are undervalued and repurchasing them is an excellent vehicle for improving shareholder value."
The Bank's regulatory capital levels continue to exceed the levels necessary to be considered "Well Capitalized." As of December 31, 2011, the leverage ratio was 13.75%, the tier 1 capital ratio was 21.25%, and the total risk-based capital ratio was 22.51%.
ABOUT COMMERCEWEST BANKCommerceWest Bank is headquartered at 2111 Business Center Drive in Irvine, CA, with Regional Offices in Orange County, Riverside County, Los Angeles County and San Diego County. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, full-service internet banking, lines of credit, term loans, commercial real estate lending, SBA lending, and full 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. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50164442&lang=en