SOURCE: CommerceWest Bank

November 26, 2008 14:55 ET

CommerceWest Bank Will Not Apply for Federal TARP Money

IRVINE, CA--(Marketwire - November 26, 2008) - 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.

Contact Information

  • 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"