GOLETA, Calif., May 14, 2013 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (Nasdaq:CWBC), parent company of Community West Bank (Bank), today announced plans to consolidate the Roseville SBA administrative office functions into the existing loan servicing operations in Goleta. On June 28, 2013, the duties and functions previously provided by Roseville staff for the SBA business development officers (BDOs) will be provided by the Goleta loan servicing staff.
"In an effort to reduce duplicate overhead costs, we came to the decision to consolidate our Roseville SBA administrative business office into our existing Goleta operations," said Martin E. Plourd, President and Chief Executive Officer. "The SBA loan strategy will remain unchanged, however, we believe we can obtain economies of scale and minimize duplicate overhead expenditures. We expect these cost saving initiatives to be accretive this year."
Company OverviewCommunity 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.
CONTACT: Charles G. Baltuskonis, EVP & CFO 805.692.5821 www.communitywestbank.com
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