CommerceWest Bank Will Not Apply for Federal TARP Money
26 Noviembre 2008 - 1:55PM
Marketwired
CommerceWest Bank (OTCBB: CWBK), one of the strongest banks in
California, announced today that it did not apply for funds
available through the Capital Purchase Program, which is part of
the federal government's Troubled Assets Relief Program (TARP) to
provide banks with fresh capital.
"After careful consideration, we have made a business decision
that CommerceWest Bank will not seek federal TARP funds," said Ivo
Tjan, Chairman and CEO.
"CommerceWest Bank is a well capitalized Bank, with sufficient
capital to grow our business and take advantage of acquisition
opportunities. With our proven business model, we have avoided the
pitfalls that are now plaguing other financial institutions, and we
remain cautiously optimistic about our future to enhance our
franchise and create long term shareholder value," said Ivo Tjan,
CEO.
Ivo Tjan, CEO, states, "As we push through these difficult
economic times, we are proud to say that CommerceWest Bank is
strong, stable, and here to serve the Southern California market.
Our conservative lending practices, responsible management and
sound capital base have kept us secure -- making us a Bank that can
be relied on."
About CommerceWest Bank:
CommerceWest Bank is headquartered at 2111 Business Center Drive
in Irvine, CA, with Regional Offices in Orange County at 4685
MacArthur Court in Newport Beach, CA, in the Inland Empire at 1611
Pomona Road in Corona, CA, in Los Angeles at 19300 South Hamilton
Avenue in Gardena, CA. We 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, full cash management
and treasury management.
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.
Bank Contact CommerceWest Bank, N.A. Mr. Ivo A. Tjan CEO
Telephone: (949) 251-6959 Facsimile: (949) 251-6957 E-mail: Email
Contact Website: www.cwbk.com "Bank on the Difference"
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