Community West Bancshares (“Community West”), (NASDAQ: CWBC), parent company of Community West Bank, today announced its plan to reorganize the operations of the company. The operational restructuring plan, designed and executed by new management, is aimed at restoring health and stability to the organization.
Below are key highlights of the Company’s Strategic Plan
- Consolidate SBA division to focus on lending in California
- Concentrate on producing R/E, manufactured housing & conventional lending in our California Coastal market
- Expand C&I and Agricultural Business programs
- Renew commitment to be the community bank of choice for our California Coastal customers
- Focus on reducing expenses where appropriate
“This reorganization will re-position the bank by re-aligning our business initiatives and returning to our community banking roots to optimize the bank’s profit potential,” stated Martin E. Plourd, President and Chief Executive Officer. “The bank will provide quality products, services and support through cost effective delivery channels for our customers’ financial services needs in order to meet our strategic financial goals and objectives. These strategies should lead to fundamental improvements in the bank’s capability to produce operating earnings.”
Plourd joined Community West Bank in November 2011 as President and CEO and has been the architect behind the Company’s restructuring plan. To assist with the implementation of this new community banking program, Michael L. Phlaum has been hired as Senior Vice President and Community Banking Officer. Mr. Phlaum brings over 30 years’ community banking experience with 13 years in senior management positions to Community West Bank.
“Michael is a solid leader with broad experience in strategic initiatives, sales management, branch administration, product management and operations,” said Plourd. “He has a proven track record in sales management and the successful implementation of key strategic initiatives. We welcome him to the Community West Bank team.”