CommerceWest Bank Announces Completion of Holding Company Reorganization

IRVINE, Calif.--(BUSINESS WIRE)--CW Bancorp (“Bancorp”) (OTC: CWBK) announced today the completion of its previously announced holding company reorganization. Following shareholder approval and receipt of all requisite regulatory approvals, the holding company reorganization has been finalized and CommerceWest Bank (the “Bank”) is now a wholly-owned subsidiary of Bancorp. As a result, existing shares of the Bank were automatically converted on a one-for-one basis into shares of Bancorp and the previous shareholders of the Bank now own all of the outstanding shares of Bancorp. Shares of CW Bancorp trade under the same trading symbol previously used by the Bank.

“We are pleased to have completed the holding company reorganization and believe that this reorganization is in the best interest of our shareholders by providing us with additional corporate flexibility,” said Ivo Tjan, Chairman and CEO of the Bank. There has been no change in the Bank’s directors or executive officers following the reorganization and the Bancorp’s directors and officers are the same as the Bank’s immediately prior to the reorganization.

CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered in Irvine, California. The Bank serves businesses throughout the state with an emphasis on clients in Orange, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including, remote deposit solution, online banking, mobile banking, lines of credit, working capital loans, commercial real estate loans, SBA loans, Main Street Lending Program, and treasury 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 within the meaning of, and are subject to, the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks and uncertainties which could cause actual results to materially differ from those projected. Such statements may contain words or phrases including, but not limited to, “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “may” and variations of these words and expressions. Actual results may differ materially from stated expectations. Specific factors include, changes in the federal, state and local economic conditions, decline in loan production and loss of demand for our other products and services, credit quality, loss of customers, adverse regulatory and litigation developments, expanded net interest margin, the ability to control costs and expenses, interest rate changes, the effects of COVID-19 on our business, borrowers, customers and employees, financial policies of the United States government, natural disasters and the impact of competition in our market area. 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 except as required by law.