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Community West Bancshares Announces Final Redemption of Preferred Stock

Community West Bancshares (NASDAQ: CWBC), parentcompany of Community West Bank, announced Thursday, Oct. 1, 2015, that the Federal Reserve Bank approved the company’s request for permission to redeem the remaining $5,574,000 of its 9 percent Cumulative Perpetual Preferred Stock, Series A.

The company has finalized a $10 million line at a rate of one-month Libor plus 3.75 percent to assist in paying for this final redemption and use for other future corporate purposes. 

“We are pleased to be able to announce this final redemption," said President and Chief Executive Officer, Martin Plourd. “We believe this redemption is further confirmation of the company’s continued operating improvement, financial strength and appropriate capital management.” 

The company originally issued 15,600 shares of Fixed Rate Cumulative Perpetual Stock, Series A, to Treasury under the Troubled Asset Relief Program (TARP) Capital Purchase Program.

In December 2012, Treasury auctioned the preferred shares to private investors. The purchase will not affect the Company’s book value per common share, which was $7.19 at June 30, 2015.

The Bank will continue to be considered well-capitalized under all regulatory guidelines.

— Martin Plourd is the president and CEO of Community West Bancshares.

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