Merger Announcement Letter
October 11, 2023
Dear Valued Clients,
We are excited to announce that Community West Bancshares and Community West Bank have entered into an agreement to merge with Central Valley Community Bancorp and Central Valley Community Bank, headquartered in Fresno, CA. The merger is expected to be completed in the 2nd quarter of 2024, upon meeting customary closing conditions. For your reference, details of the merger are explained in the press release on our website.
This merger brings together two well-respected commercial banks whose complementary culture, values and client service model will benefit clients, employees, shareholders and communities. The combined company will be known as “Community West Bancshares” and the Bank will be known as “Community West Bank”.
The board of directors of the resulting company will be comprised of 15-directors, including myself as Holding Company President, as well as five other esteemed directors from Community West Bancshares, and nine from Central Valley Community Bancorp. Daniel J. Doyle, Central Valley Community Bancorp Board Chairman, will remain Chairman of both Boards, and Community West Bank’s Board Chairman, Robert Bartlein, will serve as Vice Chair of both Boards.
Central Valley Community Bank’s President and CEO, James J. Kim, will lead the new Community West Bank as President and CEO, and headquarters will reside in Fresno with significant operations remaining on the Central Coast.
Upon the close of this merger, the new Community West Bank will be one of the largest community banks in Central California with approximately $3.6 billion in total assets, $3.1 billion in deposits, $2.2 billion in loans and 27 banking centers in 11 counties. The expanded territory will span from Greater Sacramento in the north to communities throughout the San Joaquin Valley to our Central Coast region in the west, and provide valued clients with service in more Central California locations with more specialized bankers, technologies and products than ever before. The combined bank will continue to operate in our current locations with no anticipated banking office closures.
Between now and the close of the merger, it’s business as usual with each bank continuing to operate independently. You should notice little change, if any, in your day-to-day interactions with Community West Bank. Client communication throughout the merger is a top priority and you can be assured that our executive team and staff will continue to serve your financial needs as we have since our founding.
If, at any time, you have questions regarding the merger, we are happy to assist you. Please contact your Relationship Officer or Banking Office Manager.
Thank you for your business and loyal support. We recognize you have many options for where you bank, and we are honored that you have chosen Community West Bank to serve your financial needs. We look forward to a promising and rewarding future.
Martin E. Plourd
CEO and Director of Community West Bank
President / CEO and Director of Community West Bancshares