CWBC completes merger with Community West; pro forma assets $3.53B

Community West Bancshares

Merger closed April 1, 2024; Central Valley issued 7.04M shares at $19.89 for $140M consideration plus options.
Pro forma total assets $3.53B, loans held for investment net $2.16B, deposits $2.89B.
Pro forma 2023 net income $28.4M, diluted EPS $1.48, up from stand-alone Central Valley $25.5M ($2.17).
Goodwill created $42.3M; core deposit intangible $10.0M amortized over 10 years.
One-time post-merger expenses of $3.0M for change-in-control and severance benefits.

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