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Activist investor discloses over 5% stake in California-based Community West Bancshares

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Activist investor discloses over 5% stake in California-based Community West Bancshares

Activist investor Philip Timyan disclosed beneficial ownershipof 438,780 shares of Community WestBancshares common stock.

According to a Schedule 13D filed April 4, the shares representa 5.38% stake in the Goleta, Calif.-based company, based on its 8,156,105 commonshares issued and outstanding as of March 1.

In the same filing, Timyan's spouse, Anna Belyaev, reported thatshe beneficially owns 4,000 shares, representing a 0.05% stake.

Timyan and Belyaev's beneficial ownership of shares and theircorresponding stakes in the company are separate from each other, according to theownership filing.

The shares are held for investment purposes. The investors alsostated in the filing that they support the decision of management and the boardto maximize stockholder value through share repurchases with excess capital andcash dividends. In addition, the investors indicated that they currently do nothave specific plans to acquire additional shares. However, the couple said in thefiling that they would actively consider seeking board representation if CommunityWest Bancshares takes actions that dilute tangible book value per share.

Between Feb. 18 and April 1, Timyan bought a total of 32,382shares of Community West at per-share prices ranging from $6.83 to $7.03. The onlytransaction in Community West stock by Belyaev in the past 60 days is her March30 purchase on the open market of 2,000 shares at $6.88 per share.