Community West Bancshares in Goleta, Calif., announced Monday that it is selling its subsidiary Palomar Community Bank in Escondido, Calif., to a partnership that includes Centennial First Financial Services of Redlands, Calif., and Palomar's senior management.

The deal, which is expected to close in mid-2001, is valued at $10.5 million. The buyers are acquiring all of the outstanding stock of Palomar in exchange for a combination of debt and cash.

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