Community West Bancshares in Goleta, Calif., has received regulatory approval to exit the Troubled Asset Relief Program.
The $587 million-asset holding company will redeem its remaining $5.6 million of preferred shares, according to a Thursday news release. Community West has obtained a $10 million agreement, carrying a rate of one-month Libor plus 3.75%, to provide financing to redeem the shares.
Community West in April 2014 redeemed $7.8 million, or about half, of its outstanding Tarp preferred stock. In October 2014, it redeemed an additional $782,000.