Wednesday, February 29, 2012
Community West Bancshares Announces Operational Restructuring
Plan Includes Addition of Key Management and Focused Operations
GOLETA, Calif., Feb 29, 2012 (BUSINESS WIRE) -- Community West Bancshares ("Community West"), parent company of Community West Bank, today announced its plan to reorganize the operations of the company. The operational restructuring plan, designed and executed by new management, is aimed at restoring health and stability to the organization.
Below are key highlights of the Company`s Strategic Plan
-- Consolidate SBA division to focus on lending in California
-- Concentrate on producing R/E, manufactured housing & conventional lending in our California Coastal market
-- Expand C&I and Agricultural Business programs
-- Renew commitment to be the community bank of choice for our California Coastal customers
-- Focus on reducing expenses where appropriate
"This reorganization will re-position the bank by re-aligning our business initiatives and returning to our community banking roots to optimize the bank`s profit potential," stated Martin E. Plourd, President and Chief Executive Officer. "The bank will provide quality products, services and support through cost effective delivery channels for our customers` financial services needs in order to meet our strategic financial goals and objectives. These strategies should lead to fundamental improvements in the bank`s capability to produce operating earnings."
Plourd joined Community West Bank in November 2011 as President and CEO and has been the architect behind the Company`s restructuring plan. To assist with the implementation of this new community banking program, Michael L. Phlaum has been hired as Senior Vice President and Community Banking Officer. Mr. Phlaum brings over 30 years` community banking experience with 13 years in senior management positions to Community West Bank.
"Michael is a solid leader with broad experience in strategic initiatives, sales management, branch administration, product management and operations," said Plourd. "He has a proven track record in sales management and the successful implementation of key strategic initiatives. We welcome him to the Community West Bank team."
Prior to joining Community West Bank, Phlaum worked as a Consumer Product Development Manager for a successful national credit union, and previously as Senior Vice President, Strategic Product Delivery for a national bank that is focused on C&I and agricultural business lending. In addition to his banking experience, he attended the University of California Riverside, earning certificates in Executive Management and Personal Financial Planning. Phlaum is an active participant in Rotary, the American Red Cross, the Chamber of Commerce and has volunteered his time helping several additional community-focused non-profit organizations.
Community West Bancshares is a financial services company with headquarters in Goleta, California. The Company is the holding company for Community West Bank, which has five full-service California branch banking offices, in Goleta, Santa Barbara, Santa Maria, Ventura and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.
This release contains forward-looking statements that reflect management`s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.