Irvine, California – May 29, 2020 – CommerceWest Bank announced the approval of a quarterly cash dividend by its Board of Directors. The Board of Directors declared a cash dividend of $0.20 per common share, payable July 01, 2020 to shareholders of record on June 12, 2020.
Irvine, California – April 29, 2020 – CommerceWest Bank reported net income for the three months ended March 31, 2020 of $1,123,000 or $0.30 per common share, compared with net income of $1,878,000 or $0.48 per common share for the three months ended March 31, 2019, an EPS decrease of 38%. Net Income reflected provision for loan losses of $2.143 million for the quarter, up $2.013 million from the same period one year ago. The negative impact of this increased provision was $0.40 per common share.
Irvine, California – April 3, 2020 – CommerceWest Bank announced the funding of its first Payroll Protection Program loan made available through the recently approved CARES Act. Mr. Ivo Tjan, Chairman and CEO commented, “We are here to help. We are ready and able to assist the local business community during these challenging times. Our team has worked tirelessly to set up this program in preparation for funding loans today. We want our clients and other businesses in Southern California to be able to keep paying their employees during this unprecedented event.”
Irvine, California – January 29, 2020 – CommerceWest Bank reported net income for the three months ended December 31, 2019 of $2,114,000 or $0.55 per common share, compared with net income of $1,692,000 or $0.43 per common share for the three months ended December 31, 2018, an EPS increase of 28%. Net income for the twelve months ended December 31, 2019 of $8,208,000 or $2.54 per common share, compared with net income of $5,937,000 or $1.47 per common share for the twelve months ended December 31, 2018, an EPS increase of 73%.
Irvine, California – November 11, 2019 – CommerceWest Bank recognized on the list of the fastest growing public companies in Orange County, California by the Orange County Business Journal in October. The company achieved a two-year revenue growth of 24%.
Irvine, California – November 09, 2019 – CommerceWest Bank helped children find their forever families by supporting Seneca Family of Agencies. Seneca has had a 100% success rate in placing children from foster care with their forever families for over 35 years. Seneca improves services and support for the most vulnerable children and their families. It is their commitment to provide unconditional care and they will do whatever it takes to help children and their families thrive.
Irvine, California – October 23, 2019 – CommerceWest Bank reported net income for the three months ended September 30, 2019 of $2,016,000 or $0.52 per common share, compared with net income of $1,576,000 or $0.39 per common share for the three months ended September 30, 2018, an EPS increase of 33%. Net income for the nine months ended September 30, 2019 of $6,094,000 or $1.71 per common share, compared with net income of $4,245,000 or $1.04 per common share for the nine months ended September 30, 2018, an EPS increase of 64%.
Irvine, California – September 28, 2019 – CommerceWest Bank helped provide service dogs to veterans who have made the ultimate sacrifice for our freedom, by supporting the Patriotic Service Dog Foundation. Each day, in the world’s greatest nation, 22 of our heroes will take their own lives. The Patriotic Service Dog Foundation’s goal is to reduce that statistic from “22 to zero,” by providing free service dogs to veterans.
September 15, 2019 – CommerceWest Bank supported Caterina’s Club and provided warm meals, affordable housing and job training assistance to low-income families throughout Southern California. Caterina’s Club “Feeding Kids in America” program feeds over 25,025 children a week. The “Welcome Home” program provides qualified families, living in the dark environment of a motel, with the necessary resources to move into the safety and stability of an apartment or condo.
September 08, 2019 – CommerceWest Bank joined BISKIDS to educate children about addiction and a drug free lifestyle. Studies have shown that the earlier kids experiment with drugs and alcohol, the more likely they are to become addicted. BISKIDS provides children with life-changing skills they can utilize to make healthy choices and have the confidence to stay drug free.
