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Central Valley Community Bancorp (Central Valley), (NASDAQ:CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West), (NASDAQ:CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today that shareholders of both companies approved the merger of Community West with and into Central Valley, with Central Valley as the resulting company, and Community West Bank with and into Central Valley Community Bank at special meetings held on February 8, 2024.
Additionally, all required regulatory approvals have been received for the merger and the closing of the transaction is expected to be completed as of April 1, 2024, subject to certain other customary closing conditions. Following the closing of the merger, the resulting company will assume the name Community West Bancshares, and Central Valley Community Bank will assume the name Community West Bank to reflect the expanded territory of the combined company. The conversion of all operational systems is expected to be completed in the third quarter of 2024.
Based on financial results as of September 30, 2023, the combined company will have approximately $3.6 billion in total assets and 27 banking centers located in Central California.
"Shareholder approval from both banks confirms their confidence in the merger and brings us one step closer to uniting our two great organizations," stated James J. Kim, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank. "We are proud of our 44-year history of financial performance, and equally proud to have Community West Bank's team joining our team to expand service in Central California. Together, we look forward to providing enhanced professional employee development opportunities and the highest standards of service to our valued clients and the communities we are so fortunate to support."
"We believe the future is bright for Community West Bank as a combined organization with Central Valley Community Bank. The shared values, corporate cultures and impressive history of both banks will bring greater opportunity to shareholders, clients, employees and the community," stated Martin E. Plourd, CEO and Director of Community West Bancshares and Community West Bank.
