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
Prior to joining Community West Bank, Phlaum worked as a Consumer Product Development Manager for a successful national credit union, and previously as Senior Vice President, Strategic Product Delivery for a national bank that is focused on C&I and agricultural business lending. In addition to his banking experience, he attended the University of California Riverside, earning certificates in Executive Management and Personal Financial Planning. Phlaum is an active participant in Rotary, the American Red Cross, the Chamber of Commerce and has volunteered his time helping several additional community-focused non-profit organizations.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.