IRVINE, Calif.--(BUSINESS WIRE)--

The Board of Directors of CalWest Bancorp (OTCBB: CALW) announced today that it has adopted a Tax Benefits Preservation Plan (the “Plan”) that is designed to protect the significant potential value of the Company's Deferred Tax Asset for the benefit of all shareholders. In connection with the Plan, the Company entered into a Rights Agreement and Tax Benefits Preservation Plan dated December 8, 2017, with its transfer agent, Computershare Trust Company, N.A., and declared a dividend distribution of one preferred share purchase right for each outstanding share of the Company's common stock to holders of record as of December 19, 2017. The Plan and related rights will expire on December 31, 2018. The rights will be evidenced by, and will trade with, the Company’s common stock until the occurrence of certain events set forth in the Plan.

Company shareholders are not required to take any action at this time in connection with execution and adoption of the Plan.

CalWest Bancorp is the parent company of South County Bank, a community bank recognized for its exemplary service to entrepreneurs, high net worth individuals and non-profit organizations located throughout Southern California. The Bank serves the business community through its four branches located in Rancho Santa Margarita, Irvine, Huntington Beach and Redlands.

This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact CalWest Bancorp’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, the tax reform bills currently under consideration by the United States Congress, the economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, expected future cash flows on acquired loans, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting CalWest Bancorp’s operations, pricing, products and services. CalWest Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171219005079/en/