CommerceWest Bank Announces Stock Repurchase Program
CommerceWest Bank (OTCBB:CWBK) today announced that on January 31, 2012 its Board of Directors has authorized the repurchase of up to $350,000.00 of the Bank's outstanding shares (approximately 60,869 shares as of January 31, 2012) pursuant to its stock repurchase program. The repurchase of stock by the Bank may be effected through open market or private transactions, subject to the Bank's assessment of market conditions and buying opportunities from time to time.
Mr. Ivo Tjan, Chairman and CEO commented, "The repurchase of stock supports the confidence that management has in our company today and in the future. We believe that the shares are undervalued and repurchasing them is an excellent vehicle for improving shareholder value
The Bank's regulatory capital levels continue to exceed the levels necessary to be considered "Well Capitalized." As of December 31, 2011, the leverage ratio was 13.75%, the tier 1 capital ratio was 21.25%, and the total risk-based capital ratio was 22.51%.