Goleta National Bank Becomes a Subsidiary

Goleta National Bank has received final regulatory approval to become a wholly owned subsidiary of Community West Bancshares. The merger was effective Dec. 31.

“We are very excited about this step in the building of our financial services company,” said Lew Stone, Goleta National Bank president and chief executive. “Our strategy is to bring banks and other companies together under a single holding company so that we can leverage our resources by offering our various products and services throughout all of our companies.”

Community West Bancshares is listed on the Nasdaq National Market System under the trading symbol CWBC, and the warrants are being traded on the electronic bulletin board as CWBCW.

Goleta National Bank is no longer listed. Bank records will be transferred to Community West Bancshares, and the current stock certificates and warrants of Goleta National Bank will automatically become certificates and warrants of Community West Bancshares.

Goleta National Bank has loan production offices in Ventura, Santa Ana, Santa Barbara, Santa Maria, Bakersfield, Fresno, Las Vegas and Atlanta. The bank also is majority owner of Electronic Paycheck LLC.