CWBK CommerceWest Bank featured news, full reports, and detailed charts
CommerceWest Bank (CWBK/CWBK.OB) Wrap Up:
CommerceWest Bank, N.A. offers various banking services to the small and mid-sized businesses in southern California. It offers basic and analyzed checking accounts, money market accounts, saving accounts, certificates of deposit, attorney client services, and escrow accounts. The bank’s lending portfolio includes lines of credit; term loans; multifamily, construction, and commercial real estate loans; equipment financing; asset-based lines of credit; small business administration loans; state guaranteed programs; and letter of credit. It also offers online banking services, such as balance transfers, stop payments, make loan payments, and loan transfers. The bank’s cash management services ...www.cwbk.com
CommerceWest Bank, N.A. (CWBK:OTC Bulletin Board Market)
LAST $6.50 USD
CHANGE TODAY 0.00 0.00%
VOLUME 108.0
As of 1:34 PM 11/20/09 All times are local (Market data by Reuters is delayed by at least 15 minutes).
Snapshot of CommerceWest Bank, N.A. (CWBK)
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OPEN
$6.50
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PREVIOUS CLOSE
$6.50
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DAY HIGH
$6.50
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DAY LOW
$6.50
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52 WEEK HIGH
12/10/08 - $11.25
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52 WEEK LOW
11/19/09 - $6.05
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MARKET CAP
17.1M
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AVERAGE VOLUME 3 mo
7.2K
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DILUTED EPS TTM
--
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SHARES OUTSTANDING
2.6M
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CWBK Does Not Pay Dividends
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P/E TTM
NM
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CWBK Top Compensated Officers
No compensation data is available at this time for the top officers at this company.
Executives, Board Directors
Key developments for CommerceWest Bank, N.A. (CWBK)
CommerceWest Bank, N.A. Reports Earnings Results for the Third Quarter Ended September 30, 2009
10/29/2009
CommerceWest Bank, N.A. reported earnings results for the third quarter ended September 30, 2009. For the quarter, total interest income was $5,223,000 against $3,292,000 a year ago. Total net revenue was $5,190,000 against $2,905,000 a year ago. Pretax pre-provision profit was $2,386,000 against $1,129,000 a year ago. Net income was $1,090,000 or $0.26 per diluted share against $549,000 or $0.17 per basic and diluted share a year ago. ROE was 10.31% against 6.46% a year ago. ROA was 1.26% against 0.93% a year ago.
CommerceWest Bank, N.A. Reports Earnings Results for the Second Quarter Ended June 30, 2009
07/30/2009
CommerceWest Bank, N.A. reported earnings for the second quarter ended June 30, 2009 of $203,000 or $0.07 per basic common share and $0.06 per diluted common share, compared with net income of $703,000 or $0.22 per basic common share and $0.21 per diluted common share for the three months ended June 30, 2008. Interest income was $3,597,000 for the three months ended June 30, 2009 as compared to $3,455,000 for the three months ended June 30, 2008, an increase of 4%. Net interest income before provision for loan losses for the three months ended June 30, 2009 was $2,959,000, an increase of $372 000 or 14%, compared to the same period in 2008. This increase resulted from a $142,000 increase in interest income and a $230,000 decrease in interest expense. Return on equity was 2.31% against negative return on equity of 72.53% reported a year ago. Return on assets was 0.33% against negative return on assets of 71.05% reported a year ago.
CommerceWest Bank, N.A. Reports Earnings Results for the First Quarter Ended March 31, 2009
04/28/2009
CommerceWest Bank, N.A. reported earnings results for the first quarter ended March 31, 2009. For the quarter, the company reported earnings of $320,000 or $0.10 per basic common share and $0.10 per diluted common share, compared with net income of $721,000 or $0.23 per basic common share and $0.22 per diluted common share for the three months ended March 31, 2008. Earnings were up 125% from the three months ended December 31, 2008. Earnings per diluted common share were up 150% compared to the three month period ending December 31, 2008. Interest income was $3,474,000 as compared to $3,916,000 for the three months ended March 31, 2008, a decrease of 11%. Net interest income before provision for loan losses was $2,838,000, an increase of $146,000 or 5%, compared to the same period in 2008. This increase resulted from a $442,000 decrease in interest income offset by a $588 000 decrease in interest expense. Interest income was $3,474,000 as compared to $3,378,000 for the three months ended December 31, 2008, an increase of 3%. Net interest income before provision for loan losses for the three months ended March 31, 2009 was $2,838,000, an increase of $199,000 or 8%, compared to the results for the three months ended December 31, 2008. This increase resulted from a $96,000 increase in interest income together with a $103 000 decrease in interest expense. Pretax pre-provision profit was $1,712,000 as compared to $1,373,000 for the three months ended March 31, 2008, up 25%. Pretax pre-provision profit for the three months ended March 31, 2009 was up 62% from the pretax pre-provision profit reported for the three months ended December 31, 2008. The company also reported return on equity of 3.75% and return on assets of 0.54% for the first quarter ended March 31, 2009.
CWBK Competitors
| Company | Last | Change | |
| No competitor information is available for CWBK. | |||
| Market data is delayed at least 20 minutes. | |||
Industry Analysis
| Valuation | CWBK | Industry Range |
| Price/Earnings | 12.3x |
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| Price/Sales | 2.8x |
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| Price/Book | -- | Not Meaningful |
| Price/Cash Flow | 10.0x |
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| TEV/Sales | -- | Not Meaningful |
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CWBK |
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CWBK transactions
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Bankruptcy
October 28, 2009 |
RHS Manufacturing, Inc. |
More Recent News About CommerceWest Bank
More news for CWBK
CommerceWest Bank Reports Third Quarter 2009 Net Income of $1.1 Million or $0.27 Per Share
COMMERCEWEST BANK, N.A. FINANCIAL HIGHLIGHTS (in thousands, except per share and ratio data) Â Â Â Â Â QUARTERLY TRENDS Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Q09 Change SELECTED INCOME STATEMENT DATA: Â 3Q09 2Q09 ...Click here to read the whole Article (external link)
CommerceWest Bank and Discovery Bancorp Jointly Announce Merger
Ivo A. Tjan, Chairman and Chief Executive Officer of CommerceWest Bank (OTC.BB: CWBK), N.A. and Frank J. Mercardante, President and Chief Executive Officer of Discovery Bancorp (OTC.BB: DVBC) and its principal subsidiary, Discovery Bank, jointly announced today that the two financial institutions have executed a definitive merger agreement. This agreement provides for the merger of Discovery Bancorp with and into Discovery Bank and the merger of Discovery Bank with and into CommerceWest Bank, N.A., with CommerceWest Bank, N.A. surviving as the continuing banking operation. The definitive agreement provides that each outstanding share of Discovery Bancorp will be converted into CommerceWest Bank, N.A. common stock at a fixed exchange ratio of 0.6579 shares. The transaction is subject to shareholder and regulatory approval and other customary conditions. It is expected to be completed during the second or third quarter of 2009.Mr. Ivo Tjan, CEO of CommerceWest Bank, commented, "We are very pleased to announce the addition of the Discovery Bank franchise to our organization. We are confident that our business model and culture will fit well on a combined basis to continue being a strong financial institution and better serve our clients. Together we will continue to be one of the highest performing banking institutions in Southern California. We will definitely be a solid player on a go forward basis within the market place; with our size, fortress balance sheet and footprint of locations in Southern California. Our combined clients will benefit from our ability to provide a more complete banking experience, while still customizing our products and services, and delivering technology today that is well ahead of our competitors. For example, we are currently the largest deployer of Remote Deposit Solution for Jack Henry in the Western United ...Click here to read the whole Article (external link)
CommerceWest Bank and Discovery Bancorp Jointly Announce Merger
Ivo A. Tjan, Chairman and Chief Executive Officer of CommerceWest Bank (OTC.BB: CWBK), N.A. and Frank J. Mercardante, President and Chief Executive Officer of Discovery Bancorp (OTC.BB: DVBC) and its principal subsidiary, Discovery Bank, jointly announced today that the two financial institutions have executed a definitive merger agreement. This agreement provides for the merger of Discovery Bancorp with and into Discovery Bank and the merger of Discovery Bank with and into CommerceWest Bank, N.A., with CommerceWest Bank, N.A. surviving as the continuing banking operation. The definitive agreement provides that each outstanding share of Discovery Bancorp will be converted into CommerceWest Bank, N.A. common stock at a fixed exchange ratio of 0.6579 shares. The transaction is subject to shareholder and regulatory approval and other customary conditions. It is expected to be completed during the second or third quarter of 2009.Mr. Ivo Tjan, CEO of CommerceWest Bank, commented, "We are very pleased to announce the addition of the Discovery Bank franchise to our organization. We are confident that our business model and culture will fit well on a combined basis to continue being a strong financial institution and better serve our clients. Together we will continue to be one of the highest performing banking institutions in Southern California. We will definitely be a solid player on a go forward basis within the market place; with our size, fortress balance sheet and footprint of locations in Southern California. Our combined clients will benefit from our ability to provide a more complete banking experience, while still customizing our products and services, and delivering technology today that is well ahead of our competitors. For example, we are currently the largest deployer of Remote Deposit Solution for Jack Henry in the Western United ...Click here to read the whole Article (external link)
CommerceWest Bank Earns an "A" in Financial Strength Ratings
IRVINE, CA--(MARKET WIRE)--Feb 2, 2009 -- CommerceWest Bank (OTC BB:CWBK.OB - News) today announced that it has received a financial strength rating of "A" or "Excellent" from TheStreet.com Ratings, the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks. According to TheStreet.com Ratings, a financial strength rating of "A" or "Excellent" recognizes CommerceWest Bank as an outstanding institution offering excellent financial stability and security for its clients, vendors, and employees. It illustrates that the company has maintained a conservative stance in its business operations and underwriting practices as evidenced by its strong equity base, top-notch asset quality, steady earnings, and high liquidity."Although the past year has been challenging, CommerceWest Bank recently reported its 24th consecutive quarter of profitability, which is a distinctive accomplishment in today's market turmoil," said Ivo Tjan, chairman and CEO of CommerceWest Bank. "We have weathered some turbulent market conditions since our inception, but by adhering to our original strategy we have avoided the pitfalls that are now plaguing other financial institutions. This recognition is a testament to the strength and longevity of our organization, and serves as further validation for our clients -- and the industry as a whole -- that CommerceWest Bank is stable and well-positioned to persevere."Each quarter, TheStreet.com Ratings evaluates the financial strength of more than 1...Click here to read the whole Article (external link)
CommerceWest Bank Reports Annual Financial Results and 24th Consecutive Profitable Quarter
IRVINE, CA--(MARKET WIRE)--Jan 26, 2009 -- CommerceWest Bank (OTC BB:CWBK.OB - News)-- Financial performance highlights for the twelve months ended December 31, 2008: -- Net income of $2,115,000 for the twelve months ended December 31, 2008 or $0.67 per basic common share and $0.65 per diluted common share -- 24th consecutive profitable quarterly result -- 5 Star rated by BauerFinancial, Premier rated by Findley Reports, and 4 Star rated by bankrate.com -- Tier 1 leverage ratio of 14.35% on December 31, 2008, as compared to 13.62% on December 31, 2007, an increase of 5% year over year -- Opted to fully FDIC insure all non-interest bearing deposits regardless of dollar amount -- "Well" capitalized as designated by regulatory agenciesCommerceWest Bank (OTC BB:CWBK.OB - News) reported earnings for the twelve months ended December 31, 2008 of $2,115,000 or $0.67 per basic common share and $0.65 per diluted common share, compared with net income of $3,098,000 or $0.98 per basic common share and $0.92 per diluted common share for the twelve months ended December 31, 2007.Ivo A. Tjan, Chairman and CEO, commented, "This past year was a humbling experience for ...Click here to read the whole Article (external link)
Southern California Banker Attends American Bankers Association Meeting
IRVINE, CA--(MARKET WIRE)--Dec 8, 2008 -- CommerceWest Bank (OTC BB:CWBK.OB - News) -- Ivo Tjan, Chairman and CEO of CommerceWest Bank, recently returned from a meeting of America's Community Bankers Council, a division of the American Bankers Association in Washington, D.C. Composed of approximately 100 bankers representing all 50 states, the Council meets twice each year to advise the Association on issues affecting the nation's community banks and their clients. Council members discussed how recent legislation and regulatory proposals have impacted their local communities, including Treasury's capital purchase program, and fair value and mark-to-market accounting issues. They also weighed in on current economic concerns such as mortgage lending and issues surrounding the government conservatorship of Fannie Mae and Freddie Mac. In addition, the Council heard reports on the recent Presidential and Congressional election and its impact on banking.Mr. Tjan also met with the Office of the Comptroller to offer the banking industry's views on current banking policies."Every community in California is in some way affected by what happens at the national level," Mr. Tjan said. "This is an opportunity to influence the big picture and also to gather information that can help us meet the challenges we face every day right here at home."Community Bankers Council members are from institutions generally with less than $1 billion in assets and are appointed by the ABA chairman. The first meeting of the 2008-2009 Council was held ...Click here to read the whole Article (external link)
CommerceWest Bank Will Not Apply for Federal TARP Money
IRVINE, CA--(MARKET WIRE)--Nov 26, 2008 -- CommerceWest Bank (OTC BB:CWBK.OB - News), 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...Click here to read the whole Article (external link)
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