Community West Bancshares in Goleta, Calif., is continuing to find ways to buy back stock it issued through the Troubled Asset Relief Program.
The $558 million-asset company said in a press release Thursday that it redeemed $782,000 of its cumulative preferred stock tied to Tarp. The company, which has roughly $7 million outstanding, began a program to buy back the stock in April, redeeming about half its Tarp shares.
The shares are being redeemed from third parties that bought preferred stock from the Treasury Department in December 2012.
The company in March was released from a written agreement with the Federal Reserve Board that required its board to ensure compliance with capital ratio and management improvement requirements.
Community West said its board will continue to consider regular redemptions.