SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
Notification of Late Filing
Commission file Number 0-24682
(Check one)
|X| Form 10-K and Form 10-KSB | | Form 11-K
| | Form 20-F | | Form 10-Q and Form 10-QSB | | Form N-SAR
For the period ended December 31, 1999
| | Transition Report on Form 10-K and Form 10-KSB
| | Transition Report on Form 20-F
| | Transition Report on Form 11-K
| | Transition Report on Form 10-Q and Form 10-QSB
| | Transition Report on Form N-SAR
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
Not Applicable
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PART I REGISTRANT INFORMATION
Community West Bancshares
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Full Name of Registrant
Not Applicable
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Former Name if Applicable
445 Pine Avenue
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Address of Principal Executive Office (Street and Number)
Goleta, California 93117
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City, State and Zip Code
PART II RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule
12b-25(b), the following should be completed. (Check box if appropriate)
| (a) The reasons described in detail in Part III of this form could not
| be eliminated without unreasonable effort or expense;
|
|
| (b) The subject annual report, semi-annual report, transition report
| of Forms 10-K, 10-KSB, 20-F, 11-K or Form N-SAR, or portion
|X| | thereof will be filed on or before the 15th calendar day
| following the prescribed due date; or the subject quarterly
| report or transition report on Form 10-Q, 10-QSB, or portion
| thereof will be filed on or before the fifth calendar day
| following the prescribed due date; and
|
|
| (c) The accountant's statement or other exhibit required by Rule
| 12b-25(c) has been attached if applicable.
PART III NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
As previously disclosed, in 1999, Community West Bancshares (the "Registrant")
determined that it should restate its financial statements as of and for the
year ended December 31, 1998, and as of and for the quarters ended March 31,
June 30, and September 30, 1999. Such restatements resulted from; (i) the
necessary for the Registrant's national bank subsidiary to account for
securitization transactions of two pools of High Loan to Value ("HLTV") loans,
amounting to approximately $80 million and $120 million in 1998 and 1999,
respectively, as financing transactions; and (iii) the necessity to restate the
amount of required regulatory capital due to the HLTV loans.
The large number of adjustments required as a result of the restatements,
together with quantifying, classifying and determining their their cumulative
effect on: (i) the financial statements taken as a whole; (ii) individual
financial statements, require a significant commitment of personnel and time. As
a result, the Registrant has not completed the necessary reviews and processes
to prepare its financial statements as of and for the years ended December 31,
1999 and December 31, 1998, as restated, and the quarters ended March 31, June
30 and September 30, 1999, as restated. Consequently, the registrant has been,
and is currently in, the process of preparing the financial statement, footnotes
and other related disclosures required by Part I, Part II, and Part IV of Form
10-K. However, due to the pervasive effects of the restatements couple with the
constraints imposed by a limited number of personnel, the Registrant has not
been able to complete its annual report on Form 10-K without unreasonable effort
and expense. Moreover, the restatement requires substantial drafting of
additional disclosures to be contained in Part I and Part II of the Registrant's
Form 10-K for the fiscal year ended December 31, 1998 regarding effect of the
restatement on the Registrant's business.
PART IV OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Lynda Pullon Radke (805) 692-5821
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
X Yes No
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(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
X Yes No
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If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Please see response to Part III. A reasonable estimate of the results
cannot be made at this time because the Company has not finished conducting
the review of its financial statements as set fourth in the response to
Part III.
Community West Bancshares
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March, 30 2000 By /s/ Lynda Pullon Radke
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Lynda Pullon Radke
Senior Vice President and
Chief Financial Officer