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 BANK
CommerceWest 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
