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Tuesday, July 07, 2009
Community West Bancshares Announces Policy for Accepting State of California Registered Warrants
Goleta, California – July 7, 2009: Community West Bancshares and its subsidiary, Community West Bank (“Bank”), announced today that it will accept California Registered Warrants (“Warrants”) on behalf of its customers, through Friday, July 10, 2009. The hope is that the State’s budget issues will be resolved this week. Through July 10, 2009, the Bank will not assess a transaction service fee. After July 10, 2009, the Bank will charge a 2% fee on each Warrant transaction to cover the handling costs and administrative procedures required by the State.
Background of Warrants: Because of the current California budget issues, the State intends to issue these Warrants, which is a “promise to pay”, when there is not enough cash to meet all its payment obligations. These Warrants, or IOU’s, will be issued in the place of checks.
Company Profile
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, Ventura, Santa Maria, Santa Barbara and Westlake Village. The principal business activities of the Company are Relationship banking, Mortgage lending and SBA lending.
Contact Information
Lynda Nahra
(805) 692-5821
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