# EDGAR Filing Document

**Accession Number:** 0001127371
**File Stem:** 0001628280-26-020231
**Filing Date:** 2026-3
**Character Count:** 53783
**Document Hash:** ac6719ae42ab11af60d76a77d1a33f8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-020231.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001628280-26-020231

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260320

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Community West Bancshares
- **CENTRAL INDEX KEY:** 0001127371
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 770539125
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31977
- **FILM NUMBER:** 26778952

**BUSINESS ADDRESS:**
- **STREET 1:** 7100 N. FINANCIAL DRIVE, #101
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93720
- **BUSINESS PHONE:** 559-298-1775

**MAIL ADDRESS:**
- **STREET 1:** 7100 N. FINANCIAL DRIVE, #101
- **CITY:** FRESNO
- **STATE:** CA
- **ZIP:** 93720

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTRAL VALLEY COMMUNITY BANCORP
- **DATE OF NAME CHANGE:** 20001117

?xml version='1.0' encoding='ASCII'? cvcy-20260320

---

| |
|:---|
| **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION** |
| Washington, D.C. 20549 |
| **FORM 8-K** |
| **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of 1934** |

---

**Date of Report: March 20, 2026**

(Date of earliest event reported)

---

| | | |
|:---|:---|:---|
| **Community West Bancshares** | **Community West Bancshares** | **Community West Bancshares** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| CA<br>(State or other jurisdiction<br>of incorporation) | 000-31977<br>(Commission File Number) | 77-0539125<br>(IRS Employer<br>Identification Number) |
| 7100 N. Financial Dr., Ste. 101**,** Fresno**,** CA<br>(Address of principal executive offices) |  | **93720**<br>(Zip Code) |
| **559-298-1775**<br>(Registrant's telephone number, including area code) | **559-298-1775**<br>(Registrant's telephone number, including area code) | **559-298-1775**<br>(Registrant's telephone number, including area code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Common Stock, no par value** | **CWBC** | **NASDAQ** |
| (Title of Each Class) | (Trading Symbol) | (Name of Each Exchange on which Registered) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act □

------

**Item 8.01 Other Events**

As previously disclosed, on December 16, 2025, Community West Bancshares, a California corporation (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") by and between the Company and United Security Bancshares, a California corporation ("USB"). Pursuant to the terms of the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, USB would merge with and into the Company, with the Company continuing as the surviving corporation (the "Merger"). United Security Bank, USB's wholly owned banking subsidiary, will be merged with and into Community West Bank, immediately following the completion of the Merger.

On February 4, 2026, the Company filed a registration statement on Form S-4 (the "Registration Statement") with the SEC, which includes a prospectus with respect to the shares of the Company's common stock to be issued in the Merger and a joint proxy statement for the Company's and USB's respective shareholders. The Registration Statement was declared effective on February 24, 2026, the Company filed a final prospectus on February 24, 2026, and USB filed a definitive proxy statement on February 25, 2026 (together, the "Joint Proxy Statement/Prospectus"). The Company and USB commenced mailing the Joint Proxy Statement/Prospectus to their respective shareholders on or about February 27, 2026. Each of the Company and USB will hold a special meeting of its shareholders on March 30, 2026, in connection with the transactions contemplated by the Merger Agreement as further described in the Joint Proxy Statement/Prospectus.

**Litigation Related to the Merger**

Following the announcement of the Merger, as of the date of this Current Report on Form 8-K, two lawsuits challenging the Merger have been filed in New York Supreme Court (each, a "Lawsuit" and, together, the "Lawsuits"). The first Lawsuit, captioned *Johnson v. United Security Bancshares et al.* (No. 651353 / 2026) was filed on March 4, 2026. The second Lawsuit, captioned *Thompson v. United Security Bancshares et al.* (No. 651360 / 2026) was filed on March 5, 2026. In addition, USB and the Company have received demand letters from certain purported shareholders of USB and the Company that allege deficiencies or omissions in the Registration Statement (collectively, the "Demand Letters" and together with the Lawsuits, the "Matters"). The Matters each allege that, among other things, the Joint Proxy Statement/Prospectus contains certain disclosure deficiencies or incomplete information regarding the Merger and seek additional disclosures to remedy these purported deficiencies. The Company and USB believe that the allegations in the Matters are without merit. There can be no assurances that additional lawsuits or demands will not be filed or made against the Company or USB with respect to the Merger. If this occurs, neither the Company nor USB will necessarily announce them.

The Company and USB believe that the disclosures set forth in the Joint Proxy Statement/Prospectus comply with applicable law and exchange rules and that no further disclosure beyond that already contained in the Joint Proxy Statement/Prospectus is required under applicable law or exchange rules. However, in order to moot such disclosure claims, to avoid nuisance, cost and distraction, and to preclude any efforts to delay the completion of the Merger, and without admitting any culpability, liability or wrongdoing and without admitting the relevance or materiality of such disclosures, the Company and USB are voluntarily supplementing the Joint Proxy Statement/Prospectus with the disclosures set forth below (the "Supplemental Disclosures"). Nothing in the Supplemental Disclosures shall be deemed an admission of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, the Company and USB specifically deny all allegations in the Matters, including that any additional disclosure was or is required.

------

**Supplemental Disclosures to the Joint Proxy Statement/Prospectus**

The Supplemental Disclosures should be read in connection with the Joint Proxy Statement/Prospectus, which should be read in its entirety, including all risk factors and cautionary notes contained therein. All page references are to pages in the Joint Proxy Statement/Prospectus, and terms used below, unless otherwise defined, have the meanings set forth in the Joint Proxy Statement/Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.The Section of the Joint Proxy Statement/Prospectus entitled "Background of the merger" beginning on page 35 is hereby amended by adding the following as a new last sentence to the first paragraph thereunder:**

In connection with discussions with its advisors regarding potential transactions, USB and its advisors also periodically solicited interest from potential buyers or merger candidates over the years; however, no other potential candidate expressed actionable interest recently other than CWB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.The Section of the Joint Proxy Statement/Prospectus entitled "Background of the merger" beginning on page 35 is hereby amended by adding the following as new additional third and fourth sentence to the paragraph beginning with "On October 7, 2025…" on page 37:**

Among other things, the USB Board was aware of and strongly believed that the continuity of director positions and Mr. Woods' continued employment would be integral to the success of the combined company and, ultimately, in the best interests of USB shareholders. The USB Board viewed this potential transaction as a continued investment in the proposed combined company, and the roles offered by CWB to Messrs. Woods, Gill and the to-be-named director aligned with those beliefs. As discussed below, detailed terms for Mr. Woods' continued employment were provided by CWB and negotiated after the definitive agreement was substantially negotiated for, among other reasons, concerns for conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.The Section of the Joint Proxy Statement/Prospectus entitled "Relative Contribution Analysis" beginning on page 43 is hereby amended by deleting the table appearing in such Section and replacing it with the following table:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Community West** | **Community West** | **United Security** | **United Security** |
| | **($M)** | **As a % of<br>Combined<br>Company** | **($M)** | **As a % of<br>Combined<br>Company** |
| <u>Balance Sheet (Projected at close)</u> |  |  |  |  |
| Total Assets | $3687 | 75% | $1264 | 25% |
| Total Loans | $2546 | 72% | $987 | 28% |
| Total Deposits | $3125 | 74% | $1100 | 26% |
| Tangible Common Equity | $318 | 70% | $137 | 30% |
| <u>Profitability</u> |  |  |  |  |
| LTM Net Income (as of September 30, 2025) | $33.9 | 75% | $11.4 | 25% |
| 2026 Estimated Earnings | $44.6 | 74% | $15.6 | 26% |
| <u>Market Data</u> |  |  |  |  |
| Market Capitalization (as of December 15, 2025) | $463 | 72% | $183 | 28% |
| Pro Forma Ownership (Based on 0.4520x Exchange Ratio) |  | 71% |  | 29% |

---

Source: S&P Capital IQ Pro

Note: Balance sheet figures projected as of June 30, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company & Market Premium Analysis - USB" beginning on page 43 is hereby amended by adding the following after the table appearing in such Section:**

The table below contains additional information reviewed and utilized by Janney in its analysis:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Adjusted Price(1)** | **Adjusted Price(1)** | | | | | |
| | | **Total** | **Mkt** | **Tang.** | | | | | | |
| | | **Assets** | **Cap** | **Book** | **LTM** | **Div.** | **LTM** | **LTM** | **TCE /** | **NPAs /** |
| **<u>Company</u>** | **<u>Ticker</u>** | **<u>($M)</u>** | **<u>($M)</u>** | **<u>Value</u>** | **<u>EPS</u>** | **<u>Yield</u>** | **<u>ROAA</u>** | **<u>ROAE</u>** | **<u>TA</u>** | **<u>Assets</u>** |
| BayCom Corp | BCML | 2604 | 333 | 142.4% | 18.2x | 3.9% | 0.89% | 7.0% | 11.5% | 0.48% |
| Plumas Bancorp | PLBC | 2229 | 316 | 177.3% | 13.2x | 2.6% | 1.47% | 13.3% | 10.1% | 0.68% |
| Eagle Bancorp Montana, Inc. | EBMT | 2120 | 146 | 124.4% | 13.5x | 3.1% | 0.64% | 7.7% | 7.1% | 0.10% |
| Timberland Bancorp, Inc. | TSBK | 2013 | 294 | 148.2% | 12.7x | 3.0% | 1.50% | 11.6% | 12.4% | 0.23% |
| Oak Valley Bancorp | OVLY | 1995 | 249 | 161.2% | 13.1x | 2.0% | 1.23% | 12.7% | 9.8% | 0.00% |
| Riverview Bancorp, Inc. | RVSB | 1510 | 111 | 102.5% | 30.3x | 1.5% | 0.31% | 2.9% | 9.2% | 0.05% |
| Provident Financial Holdings, Inc. | PROV | 1231 | 103 | 100.2% | 21.9x | 3.5% | 0.49% | 4.6% | 10.4% | 0.15% |
| Sound Financial Bancorp, Inc. | SFBC | 1060 | 114 | 133.4% | 21.0x | 1.7% | 0.64% | 6.5% | 10.1% | 0.39% |
| **Mean** |  | **1845** | **208** | **136.2%** | **18.0x** | **2.7%** | **0.90%** | **8.3%** | **10.1%** | **0.26%** |
| **Median** |  | **2004** | **197** | **137.9%** | **15.9x** | **2.8%** | **0.77%** | **7.4%** | **10.1%** | **0.19%** |
| **United Security Bancshares** | **UBFO** | **1236** | **182** | **145.3%** | **17.0x** | **4.6%** | **0.94%** | **8.5%** | **10.8%** | **1.10%** |

---

Source: S&P Capital IQ Pro

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted for a 24.3% equity control premium, which is the median three-day stock price premium for all bank and thrift M&A deals for the past 10 years for all sizes and geographic areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analysis - CWB" beginning on page 44 is hereby amended by adding the following after the table appearing in such Section:**

The table below contains additional information reviewed and utilized by Janney in its analysis:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Price /** | **Price /** | | | | | |
| | | **Total** | **Mkt** | **Tang.** | | | | | | |
| | | **Assets** | **Cap** | **Book** | **LTM** | **Div.** | **LTM** | **LTM** | **TCE /** | **NPAs /** |
| **<u>Company</u>** | **<u>Ticker</u>** | **<u>($M)</u>** | **<u>($M)</u>** | **<u>Value</u>** | **<u>EPS</u>** | **<u>Yield</u>** | **<u>ROAA</u>** | **<u>ROAE</u>** | **<u>TA</u>** | **<u>Assets</u>** |
| Preferred Bank | PFBC | 7468 | 1236 | 159.4% | 10.1X | 3.2% | 1.82% | 16.9% | 10.4% | 0.94% |
| Heritage Financial Corporation | HFWA | 7012 | 861 | 130.4% | 15.4X | 3.8% | 0.81% | 6.5% | 9.8% | 0.21% |
| Westamerica Bancorporation | WABC | 5914 | 1221 | 151.9% | 10.7X | 3.8% | 1.96% | 11.5% | 14.0% | 0.04% |
| Heritage Commerce Corp | HTBK | 5624 | 738 | 140.0% | 17.2X | 4.3% | 0.78% | 6.3% | 9.7% | 0.06% |
| Five Star Bancorp | FSBC | 4642 | 796 | 184.6% | 13.8X | 2.1% | 1.36% | 14.1% | 9.3% | 0.05% |
| California BanCorp. | BCAL | 4101 | 639 | 147.7% | 10.2X | 2.0% | 1.57% | 12.0% | 10.9% | 0.38% |
| Bank of Marin Bancorp | BMRC | 3869 | 445 | 121.8% | 45.0X | 3.6% | 0.26% | 2.3% | 9.7% | NA |
| Sierra Bancorp | BSRR | 3709 | 453 | 138.2% | 11.9X | 2.9% | 1.09% | 11.2% | 9.0% | 0.43% |
| **Mean** |  | **5292** | **799** | **146.7%** | **16.8x** | **3.2%** | **1.21%** | **10.1%** | **10.4%** | **0.30%** |
| **Median** |  | **5133** | **767** | **143.9%** | **12.8x** | **3.4%** | **1.22%** | **11.4%** | **9.7%** | **0.21%** |
| **Community West Bancshares** | **CWBC** | **3612** | **456** | **155.8%** | **13.4x** | **2.0%** | **0.95%** | **9.0%** | **8.3%** | **0.20%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.The Section of the Joint Proxy Statement/Prospectus entitled "Relevant Nationwide Transactions Analysis - USB" beginning on page 45 is hereby amended by adding the following after the table appearing in such Section:**

The table below contains additional information reviewed and utilized by Janney in its analysis:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Deal Price/** | **Deal Price/** | | | **Seller Financial Metrics** | **Seller Financial Metrics** | **Seller Financial Metrics** | |
| | | **Deal** | **Tang.** | | **Prem./** | **1-Day** | **Total** | | | |
| **Date** | | **Value** | **Book** | **LTM**<sup>)</sup> | **Core** | **Market** | **Assets** | **NPAs/** | **TCE /** | **LTM** |
| **Annc.** | **Buyer / Seller** | **($M)** | **Value** | **EPS** | **Deps** | **Prem.** | **($M)** | **Assets** | **TA** | **ROAA** |
| 12/8/2025 | Home Bancshares, Inc. / <br>Mountain Commerce Bancorp, Inc. | 154 | 107.2% | 13.8x | 1.1% | 7.3% | 1803 | 0.79% | 7.9% | 0.62% |
| 11/12/2025 | Richmond Mutual Bancorp., Inc. / Farmers Bancorp | 85 | 112.3% | 9.1x | 2.4% | 7.3% | 1102 | 0.25% | 6.9% | 0.90% |
| 10/30/2025 | First Mid Bancshares, Inc. / <br>Two Rivers Financial Group, Inc. | 93 | 109.6% | 10.6x | 0.9% | 21.6% | 1189 | 0.94% | 7.3% | 0.74% |
| 10/27/2025 | Park National Corporation / <br>First Citizens Bancshares, Inc. | 317 | 168.0% | 14.7x | 8.8% | NA | 2544 | 0.99% | 6.9% | 0.86% |
| 10/22/2025 | Third Coast Bancshares, Inc. / Keystone Bancshares, Inc. | 123 | 130.1% | 15.1x | 4.6% | NA | 1020 | 0.09% | 9.2% | 0.88% |
| 10/22/2025 | Farmers National Banc Corp. / Middlefield Banc Corp. | 293 | 160.1% | 13.9x | 7.3% | 26.6% | 1979 | 1.76% | 9.4% | 1.11% |
| 10/20/2025 | HBT Financial, Inc. / <br>CNB Bank Shares, Inc. | 170 | 120.0% | 10.5x | 2.4% | 15.7% | 1847 | 0.31% | 6.7% | 0.90% |
| 10/1/2025 | Prosperity Bancshares, Inc. / Southwest Bancshares, Inc. | 270 | 153.3% | 14.6x | 4.7% | NA | 2354 | 0.82% | 8.7% | 0.84% |
| 9/25/2025 | First Merchants Corporation / <br>First Savings Financial Group, Inc. | 241 | 135.0% | 10.9x | 4.3% | 21.5% | 2417 | 0.56% | 7.6% | 0.89% |
| 8/19/2025 | TowneBank / <br>Dogwood State Bank | 491 | 223.7% | 30.8x | 15.4% | 68.3% | 2363 | 0.65% | 9.4% | 0.76% |
| 7/18/2025 | Bank First Corporation / <br>Centre 1 Bancorp, Inc. | 174 | 230.8% | 28.6x | 8.3% | NA | 1534 | 0.28% | 6.2% | 0.51% |
| 7/1/2025 | Investar Holding Corporation / Wichita Falls Bancshares, Inc. | 84 | 90.9% | 14.2x | -1.1% | NA | 1594 | 0.39% | 9.2% | 0.62% |
| 6/23/2025 | First Financial Bancorp. / <br>Westfield Bancorp | 324 | 142.2% | 17.4x | 6.1% | NA | 2123 | 0.11% | 10.7% | 0.92% |
| 4/3/2025 | TowneBank / <br>Old Point Financial Corporation | 202 | 175.1% | 20.2x | NA | 32.4% | 1451 | 0.16% | 8.0% | 0.68% |
| 2/25/2025 | Old Second Bancorp, Inc. / <br>Bancorp Financial, Inc. | 197 | 131.1% | 38.7x | 7.4% | NA | 1449 | 0.14% | 11.0% | 0.50% |
| 1/10/2025 | CNB Financial Corporation / <br>ESSA Bancorp, Inc. | 210 | 96.3% | 11.6x | -0.4% | 10.6% | 2188 | 0.56% | 10.0% | 0.78% |
| 12/17/2024 | Northwest Bancshares, Inc. / <br>Penns Woods Bancorp, Inc. | 270 | 139.1% | 13.1x | 5.6% | 1.9% | 2259 | 0.20% | 8.3% | 0.88% |
| 9/9/2024 | NBT Bancorp Inc. / <br>Evans Bancorp, Inc. | 236 | 132.4% | 12.2x | 3.7% | 18.3% | 2257 | 1.31% | 7.8% | 0.88% |
| 7/29/2024 | German American Bancorp, Inc. / Heartland BancCorp | 347 | 212.0% | 16.2x | 15.7% | 80.0% | 1920 | 0.06% | 8.1% | 1.09% |
| 7/25/2024 | ChoiceOne Financial Services, Inc. / Fentura Financial, Inc. | 180 | 134.6% | 14.5x | 0.3% | 33.9% | 1757 | 0.56% | 7.7% | 0.70% |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 5/15/2024 | Alerus Financial Corporation / HMN Financial, Inc. | 115 | 106.8% | 20.1x | 0.8% | 32.6% | 1151 | 0.26% | 9.4% | 0.50% |
|  | **75**<sup>th</sup> **Percentile** | **270** | **160.1%** | **17.4x** | **7.3%** | **36.6%** | **2257** | **0.79%** | **9.4%** | **0.89%** |
|  | **Median** | **202** | **134.6%** | **14.5x** | **4.5%** | **21.6%** | **1847** | **0.39%** | **8.1%** | **0.84%** |
|  | **25**<sup>th</sup> **Percentile** | **154** | **112.3%** | **12.2x** | **1.0%** | **11.9%** | **1451** | **0.20%** | **7.6%** | **0.68%** |
| 01/11/24 | **Community West Bancshares / United Security Bancshares** | **193** | **145.3%** | **17.0x** | **5.9%** | **3.9%** | **1236** | **1.10%** | **10.8%** | **0.94%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.The Section of the Joint Proxy Statement/Prospectus entitled "Relevant Regional Transactions Analysis - USB" beginning on page 46 is hereby amended by adding the following after the table appearing in such Section:**

The table below contains additional information reviewed and utilized by Janney in its analysis:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Deal Price/** | **Deal Price/** | | | **Seller Financial Metrics** | **Seller Financial Metrics** | **Seller Financial Metrics** | |
| | | **Deal** | **Tang.** | | **Prem./** | **1-Day** | **Total** | | | |
| **Date** | | **Value** | **Book** | **LTM**<sup>)</sup> | **Core** | **Market** | **Assets** | **NPAs/** | **TCE /** | **LTM** |
| **Annc.** | **Buyer / Seller** | **($M)** | **Value** | **EPS** | **Deps** | **Prem.** | **($M)** | **Assets** | **TA** | **ROAA** |
| 09/25/25 | Heritage Financial Corporation / Olympic Bancorp, Inc. | 177 | 151.3% | 24.4x | 4.9% | NA | 1693 | 0.01% | 8.4% | 0.51% |
| 01/29/25 | Plumas Bancorp / <br>Cornerstone Community Bancorp | 62 | 135.0% | NM | NA | 49.5% | 658 | 0.06% | 6.5% | -0.12% |
| 01/13/25 | Glacier Bancorp, Inc. / <br>Bank of Idaho Holding Company | 246 | 186.7% | 17.3x | 12.5% | 45.8% | 1328 | 0.16% | 9.5% | 1.09% |
| 05/20/24 | CBC Bancorp / <br>Bay Community Bancorp | 127 | 169.7% | 15.9x | NA | 83.0% | 983 | 0.72% | 7.7% | 0.77% |
| 05/20/24 | West Coast Community Bancorp / 1st Capital Bancorp | 60 | 92.7% | 17.7x | -0.6% | -0.5% | 1015 | 0.04% | 6.4% | 0.35% |
| 03/22/24 | Harborstone Credit Union / <br>SaviBank | 78 | 172.9% | 39.5x | 10.9% | NA | 593 | 0.16% | 7.6% | 0.34% |
| 01/30/24 | Southern California Bancorp / California BanCorp | 227 | 118.1% | 10.4x | 2.9% | 12.7% | 1986 | 0.19% | 9.5% | 1.09% |
| 01/11/24 | Global Federal Credit Union / <br>First Financial Northwest Bank | 231 | 141.4% | 26.4x | 11.2% | 75.3% | 1525 | 0.08% | 9.7% | 0.63% |
| 10/10/23 | Central Valley Community Bancorp / Community West Bancshares | 100 | 87.5% | 8.7x | -1.4% | -12.3% | 1131 | 0.09% | 10.0% | 1.05% |
| 08/08/23 | Glacier Bancorp, Inc. / <br>Community Financial Group, Inc. | 81 | 164.9% | 10.7x | 5.6% | 147.6% | 754 | 0.00% | 6.5% | 0.96% |
|  | **75**<sup>th</sup> **Percentile** | **214** | **168.5%** | **24.4x** | **11.0%** | **77.2%** | **1476** | **0.16%** | **9.5%** | **1.02%** |
|  | **Median** | **113** | **146.4%** | **17.3x** | **5.3%** | **47.6%** | **1073** | **0.09%** | **8.1%** | **0.70%** |
|  | **25**<sup>th</sup> **Percentile** | **78** | **122.3%** | **10.7x** | **2.0%** | **9.4%** | **811** | **0.05%** | **6.8%** | **0.39%** |
| 01/11/24 | **Community West Bancshares / United Security Bancshares** | **193** | **145.3%** | **17.0x** | **5.9%** | **3.9%** | **1236** | **1.10%** | **10.8%** | **0.94%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.The Section of the Joint Proxy Statement/Prospectus entitled "Discounted Cash Flow Analysis" beginning on page 47 is hereby amended by adding the following to the end of the first paragraph of the Section:**

Janney selected price to tangible book value and earnings multiples based on Janney's professional judgment and experience, as well as a review of the multiples of selected transactions deemed to be comparable to the proposed transaction.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Risk Free Rate | 4.17% | &nbsp;&nbsp;10-year Treasury (as of December 15, 2025) |
| &nbsp;&nbsp;Equity Risk Premium | <u>5.00%</u> | &nbsp;&nbsp;Kroll Historical Equity Risk Premium<sup>(1)</sup>  |
|  | 9.17% |  |
| &nbsp;&nbsp;Industry Beta | 1.00 | &nbsp;&nbsp;GICS 401010 Information Beta from Kroll<sup>(1)</sup> |
| &nbsp;&nbsp;Size Premium | <u>4.47%</u> | &nbsp;&nbsp;Kroll Micro Cap Size Premium<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate | 13.64% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate (Rounded) | 13.50% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based upon Kroll Cost of Capital Resources most recently published guidance (as of December 12, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Merger Analysis" beginning on page 48 is hereby amended by adding the following as a new second to last sentence thereof:**

For more information about certain of the assumptions used in Janney's pro forma analysis, see the Investor Presentation filed by CWB as an exhibit to its Current Report on Form 8-K with the SEC on December 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analyses" beginning on page 57 is hereby amended by deleting the table of company names at the top of page 58 (the "USB Peer Group") and replacing it with the following:**

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Financials as of September 30, 2025 unless otherwise noted |  |  | Balance Sheet | Balance Sheet | Balance Sheet | Capital Position | Capital Position | Capital Position |  | LTM Profitability | LTM Profitability | LTM Profitability | LTM Profitability | LTM Profitability | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 | Valuation as of 12/15/2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Price / | Price / | Price / | Price / | Price / |  |  |  |
|  |  |  |  |  |  |  |  | Tier 1 |  |  |  |  | Core |  | Tang. |  | LTM | Est. | Est. |  | 1 Yr |  |
|  |  |  | Total | Loan/ | NPAs/ | TCE/ |  | Lev. |  |  | Eff. | Core | ROA |  | Book |  | Core | 2026 | 2027 | Div. | Price | Mkt |
|  |  |  | Assets | Dpts | Assets | TA |  | Ratio |  | NIM | Ratio | ROAA¹ | TCE¹ |  | Value |  | EPS¹ | EPS | EPS | Yield | ∆ | Cap |
| Company Name | City, St | Ticker | ($M) | (%) | (%) | (%) |  | (%) |  | (%) | (%) | (%) | (%) |  | (%) |  | (x) | (x) | (x) | (%) | (%) | ($M) |
| Unity Bancorp, Inc. | Clinton, NJ | UNTY | 2876 | 108 | 0.59 | 11.6 |  | 12.7 |  | 4.46 | 42 | 1.99 | 16.9 |  | 170 |  | 11.1 | 10.0 | 9.3 | 1.1 | 20.2 | 565 |
| C&F Financial Corporation | Toano, VA | CFFI | 2711 | 87 | 0.17 | 8.5 |  | 10.0 |  | 4.20 | 68 | 0.98 | 12.3 |  | 108 |  | 9.6 | - | - | 2.4 | (3.2) | 245 |
| Orange County Bancorp, Inc. | Middletown, NY | OBT | 2636 | 85 | 0.46 | 10.0 |  | 12.3 | ² | 4.01 | 59 | 1.27 | 15.6 |  | 148 |  | 10.8 | 9.3 | 8.2 | 2.5 | (1.1) | 391 |
| Plumas Bancorp | Reno, NV | PLBC | 2229 | 82 | 0.68 | 10.1 |  | 10.6 | ² | 4.88 | 51 | 1.56 | 14.7 |  | 144 |  | 10.2 | 8.6 | 8.2 | 2.6 | (5.8) | 320 |
| Northeast Community Bancorp, Inc. | White Plains, NY | NECB | 2056 | 124 | 0.03 | 16.7 |  | 16.1 | ² | 5.28 | 39 | 2.20 | 13.3 |  | 96 |  | 7.3 | 7.0 | - | 3.4 | (14.8) | 330 |
| Oak Valley Bancorp | Oakdale, CA | OVLY | 1995 | 63 | 0.00 | 9.8 |  | 10.8 |  | 4.09 | 60 | 1.22 | 12.9 |  | 132 |  | 10.8 | - | - | 2.0 | 1.1 | 253 |
| Bank7 Corp. | Oklahoma City, OK | BSVN | 1891 | 94 | 0.31 | 12.2 |  | 12.7 |  | 5.03 | 40 | 2.45 | 20.5 |  | 182 |  | 9.7 | 10.4 | - | 2.4 | (2.3) | 417 |
| FB Bancorp, Inc. | New Orleans, LA | FBLA | 1264 | 90 | 1.32 | 26.8 |  | 20.0 | ² | 4.60 | 92 | 0.14 | 0.5 |  | 78 |  | NM | - | - | 0.0 | 6.1 | 243 |
| OptimumBank Holdings, Inc. | Fort Lauderdale, FL | OPHC | 1083 | 85 | 0.33 | 10.8 | ³ | 11.7 |  | 4.24 | 49 | 1.62 | 14.8 | ³ | 84 | ⁴ | 6.2 | NM | NM | 0.0 | (14.5) | 48 |
| United Security Bancshares | Fresno, CA | UBFO | 1236 | 89 | 1.10 | 10.8 |  | 12.4 |  | 4.37 | 58 | 0.95 | 8.9 |  | 137 |  | 15.3 | - | - | 4.6 | 0.9 | 183 |
| 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro | 1) Core metrics as calculated by S&P Capital IQ Pro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro | 2) Bank level financial data per S&P Capital IQ Pro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings | 3) Calculated using total tangible equity per OPHC filings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares | 4) Price / Tangible Book Value for OPHC includes the dilutive effect of Series B and Series C convertible preferred shares |  |  |  |  |  |  |  |
| Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") | Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") |  |  |  |  |  |  |  |  |  |
| Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro | Source: S&P Capital IQ Pro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.The Section of the Joint Proxy Statement/Prospectus entitled "Comparable Company Analyses" beginning on page 57 is hereby amended by deleting the table of company names at the top of page 59 (the "CWB Peer Group") and replacing it with the following:**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Financials as of September 30, 2025 unless otherwise noted |  |  | **Balance Sheet** | **Balance Sheet** | **Balance Sheet** | **Capital Position** | **Capital Position** | **Capital Position** | **LTM Profitability** | **LTM Profitability** | **LTM Profitability** | **LTM Profitability** | **LTM Profitability** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** | **Valuation as of 12/15/2025** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | **Price /** | **Price /** | **Price /** | **Price /** |  |  |  |
|  |  |  |  |  |  |  | **Tier 1** | **Total** |  |  |  |  | **Core** | **Tang.** | **LTM** | **Est.** | **Est.** |  | **1 Yr** |  |
|  |  |  | **Total** | **Loan/** | **NPAs/** | **TCE/** | **Lev.** | **RBC** |  | **Eff.** | **Core** |  | **ROA** | **Book** | **Core** | **2026** | **2027** | **Div.** | **Price** | **Mkt** |
|  |  |  | **Assets** | **Dpts** | **Assets** | **TA** | **Ratio** | **Ratio** | **NIM** | **Ratio** | **ROAA¹** |  | **TCE¹** | **Value** | **EPS¹** | **EPS** | **EPS** | **Yield** | **∆** | **Cap** |
| **Company Name** | **City, St** | **Ticker** | **($M)** | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** | **(%)** |  | **(%)** | **(%)** | **(x)** | **(x)** | **(x)** | **(%)** | **(%)** | **($M)** |
| Westamerica Bancorporation | San Rafael, CA | WABC | 5914 | 15 | 0.04 | 14.0 | 15.4 | 23.3 | 3.91 | 38 | 1.96 |  | 13.1 | 153 | 10.7 | 12.2 | 12.6 | 3.7 | (11.9) | 1229 |
| Heritage Commerce Corp | San Jose, CA | HTBK | 5624 | 75 | 0.06 | 9.7 | 9.9 | 15.4 | 3.46 | 61 | 0.94 |  | 10.0 | 141 | 14.4 | 12.7 | 11.7 | 4.3 | 16.0 | 742 |
| Five Star Bancorp | Rancho Cordova, CA | FSBC | 4642 | 95 | 0.05 | 9.3 | 9.8 | 13.6 | 3.48 | 41 | 1.37 |  | 14.2 | 187 | 13.9 | 11.2 | 9.9 | 2.1 | 14.2 | 807 |
| RBB Bancorp | Los Angeles, CA | RBB | 4208 | 98 | 1.29 | 10.6 | 11.5 | 23.6 | 2.89 | 62 | 0.56 |  | 5.2 | 86 | 17.2 | 10.6 | 9.5 | 2.9 | (4.0) | 380 |
| California BanCorp. | San Diego, CA | BCAL | 4101 | 86 | 0.38 | 10.9 | 11.2 | 14.7 | 4.60 | 52 | 1.64 |  | 16.7 | 146 | 9.7 | 11.3 | 10.8 | 2.0 | 11.3 | 634 |
| Bank of Marin Bancorp | Novato, CA | BMRC | 3869 | 62 | 0.92 | 9.7 | 10.1 | 16.1 | 2.96 | 70 | 0.67 |  | 6.9 | 121 | 17.7 | 13.1 | 11.8 | 3.6 | 12.4 | 443 |
| Sierra Bancorp | Porterville, CA | BSRR | 3709 | 85 | 0.43 | 9.0 | 10.7 | - | 3.71 | 59 | 1.09 |  | 12.2 | 139 | 11.8 | 10.1 | 9.8 | 2.9 | 9.9 | 455 |
| PCB Bancorp | Los Angeles, CA | PCB | 3364 | 94 | 0.24 | 9.4 | 11.6 | 15.2 | 3.27 | 51 | 1.12 |  | 11.6 | 108 | 9.9 | 8.9 | 8.1 | 3.4 | 10.3 | 337 |
| OP Bancorp | Los Angeles, CA | OPBK | 2614 | 95 | 0.50 | 8.4 | 9.0 | 12.2 | 3.12 | 60 | 0.96 |  | 11.3 | 100 | 9.5 | 7.6 | 7.0 | 3.2 | (13.4) | 221 |
| BayCom Corp | Walnut Creek, CA | BCML | 2604 | 92 | 0.48 | 11.5 | 11.8 | 15.7 | 3.77 | 63 | 0.94 |  | 8.5 | 121 | 14.6 | 12.5 | 11.6 | 3.7 | 12.3 | 351 |
| Avidbank Holdings, Inc. | San Jose, CA | AVBH | 2362 | 96 | 0.12 | 11.6 | 11.1 | 13.5 | 3.63 | 57 | 1.26 |  | 14.2 | 108 | 7.6 | 8.6 | 7.6 | 0.0 | 24.0 | 296 |
| Community West Bancshares | Fresno, CA | CWBC | 3612 | 80 | 0.20 | 8.3 | 9.5 | 14.1 | 4.07 | 62 | 0.97 | ² | 13.1 | 158 | 13.5 | 10.4 | 9.8 | 2.0 | 12.6 | 464 |

---

---

| |
|:---|
| 1) Core metrics as calculated by S&P Capital IQ Pro |
| 2) Calculated using core net income for the quarters ended 12/31/2024 and 3/31/2025 and stated net income for the quarters ended 6/30/2025 and 9/30/2025 per Community West Bancshares earnings releases. All other values per S&P Capital IQ Pro |
| Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") |
| Source: S&P Capital IQ Pro |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.The Section of the Joint Proxy Statement/Prospectus entitled "Analysis of Precedent Transactions" beginning on page 59 is hereby amended by deleting the table of Acquiror and Target names at the top of page 60 (the "Nationwide Precedent Transactions") and replacing it with the following:**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transaction Information** | **Transaction Information** | **Transaction Information** | **Transaction Information** | **Transaction Information** | **Seller Financial Information** | **Seller Financial Information** | **Seller Financial Information** | **Seller Financial Information** | **Seller Financial Information** |
| | | | | **Price/** | | **Core** | **1-Day** | | | | | |
| | | | **Deal** | **LTM** | **Tang.** | **Dpt.** | **Market** | **Total** | **LTM** | **LTM** | **TCE/** | **NPAs/** |
| | | **Annc.** | **Value** | **EPS** | **Book** | **Prem.** | **Prem.** | **Assets** | **ROAA** | **ROAE** | **TA** | **Assets** |
| **Acquiror** | **Target** | **Date** | **($M)** | **(x)** | **(%)** | **(%)** | **(%)** | **($M)** | **(%)** | **(%)** | **(%)** | **(%)** |
| Enova International, Inc. (IL) | Grasshopper Bancorp, Inc. (NY)¹ | 12/11/25 | 387.9 | NM | 332 | 24.2 | - | 1412 | 0.63 | 8.5 | 8.1 | 1.21 |
| Home Bancshares, Inc. (AR) | Mountain Commerce Bancorp, Inc. (TN) | 12/08/25 | 154.1 | 13.8 | 107 | 1.1 | 7.3 | 1803 | 0.62 | 8.0 | 7.9 | 0.58 |
| Richmond Mutual Bancorporation, Inc. (IN) | Farmers Bancorp (IN) | 11/12/25 | 85.1 | 9.1 | 112 | 1.6 | 7.3 | 1102 | 0.90 | 12.7 | 6.9 | 0.25 |
| First Mid Bancshares, Inc. (IL) | Two Rivers Financial Group, Inc. (IA) | 10/30/25 | 92.6 | 10.6 | 110 | 0.9 | 21.6 | 1189 | 0.74 | 8.3 | 7.3 | 1.30<sup>1</sup> |
| Third Coast Bancshares, Inc. (TX) | Keystone Bancshares, Inc. (TX)¹ | 10/22/25 | 123.0 | 15.1 | 130 | 4.6 | - | 1020 | 0.88 | 8.9 | 9.2 | 0.09 |
| Farmers National Banc Corp. (OH) | Middlefield Banc Corp. (OH) | 10/22/25 | 292.7 | 13.9 | 160 | 7.0 | 26.6 | 1979 | 1.11 | 9.9 | 9.4 | 1.51 |
| HBT Financial, Inc. (IL) | CNB Bank Shares, Inc. (IL) | 10/20/25 | 170.2 | 10.5 | 120 | 4.0 | 15.7 | 1847 | 0.90 | 11.0 | 6.7 | 0.31<sup>1</sup> |
| Heritage Financial Corporation (WA) | Olympic Bancorp, Inc. (WA) | 09/25/25 | 176.6 | 24.4 | 151 | 4.9 | - | 1693 | 0.51 | 5.8 | 8.4 | 0.01 |
| Equity Bancshares, Inc. (KS) | Frontier Holdings, LLC (NE)¹ | 09/02/25 | 122.5 | 13.8 | 117 | 3.0 | - | 1408 | 1.26 | 12.8 | 8.5 | 0.26 |
| First Financial Bancorp. (OH) | BankFinancial Corporation (IL) | 08/11/25 | 141.7 | NM | 91 | (1.3) | 5.4 | 1429 | 0.14 | 1.2 | 10.9 | 0.70 |
| Bank First Corporation (WI) | Centre 1 Bancorp, Inc. (WI) | 07/18/25 | 174.0 | 28.6 | 231 | 8.3 | - | 1534 | 0.51 | 7.0 | 6.2 | 0.28 |
| Investar Holding Corporation (LA) | Wichita Falls Bancshares, Inc. (TX)¹ | 07/01/25 | 83.6 | 14.2 | 91 | (1.1) | - | 1594 | 0.62 | 6.1 | 9.2 | 0.39 |
| NB Bancorp, Inc. (MA) | Provident Bancorp, Inc. (MA) | 06/05/25 | 211.7 | NM | 93 | (2.1) | 7.9 | 1554 | 0.29 | 1.9 | 15.1 | 2.02 |
| TowneBank (VA) | Old Point Financial Corporation (VA) | 04/03/25 | 202.1 | 20.2 | 175 | 7.3 | 32.4 | 1451 | 0.68 | 8.8 | 8.0 | 0.16 |
| MetroCity Bankshares, Inc. (GA) | First IC Corporation (GA) | 03/17/25 | 206.0 | 8.3 | 142 | 12.4 | 81.7 | 1192 | 2.10 | 18.5 | 12.2 | 0.02 |
| Old Second Bancorp, Inc. (IL) | Bancorp Financial, Inc. (IL)¹ | 02/25/25 | 196.5 | NM | 131 | 7.4 | - | 1449 | 0.50 | 4.7 | 11.0 | 0.14 |
| Glacier Bancorp, Inc. (MT) | Bank of Idaho Holding Company (ID) | 01/13/25 | 246.2 | 17.3 | 187 | 12.5 | 45.8 | 1328 | 1.09 | 11.1 | 9.5 | 0.16 |

---

---

| |
|:---|
| 1) Bank level financial data shown |
| Note: Price / LTM EPS > 30.0x or < 0.0x considered not meaningful ("NM") |
| Source: S&P Capital IQ Pro |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following to the first paragraph thereunder as a new third sentence following the number 155% at the bottom of page 60:**

Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler's review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to USB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following table after the Earnings Per Share Multiples chart (Annual Estimate Variance) at the bottom of page 61:**

The following table describes the discount rate calculation for USB common stock prepared by Piper Sandler. In its normal course of business Piper Sandler employs the Kroll Cost of Capital Navigator in determining an appropriate discount rate in which the discount rate equals the sum of the risk free rate, the equity risk premium, the size premium and the industry premium.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Risk Free Rate | 4.80% | &nbsp;&nbsp;20-year Treasury (as of December 15, 2025) |
| &nbsp;&nbsp;Equity Risk Premium | 5.00% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;Size Premium | 2.66% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;Industry Premium  | (1.55)% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate | 10.91% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following as a new third sentence to the last full paragraph at the bottom of page 61 directly following the number 175%:**

Piper Sandler selected these price to earnings and tangible book value multiples based on Piper Sandler's review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to CWB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.The Section of the Joint Proxy Statement/Prospectus entitled "Net Present Value Analyses" beginning on page 60 is hereby amended by adding the following table after the Earnings Per Share Multiples chart (Annual Estimate Variance) at the bottom of page 62:**

The following table describes the discount rate calculation for CWB common stock prepared by Piper Sandler. In its normal course of business Piper Sandler employs the Kroll Cost of Capital Navigator in determining an appropriate discount rate in which the discount rate equals the sum of the risk free rate, the equity risk premium, the size premium and the industry premium.

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Risk Free Rate | 4.80% | &nbsp;&nbsp;20-year Treasury (as of December 15, 2025) |
| &nbsp;&nbsp;Equity Risk Premium | 5.00% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;Size Premium | 2.66% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;Industry Premium  | (1.55)% | &nbsp;&nbsp;Per Kroll Cost of Capital Navigator |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate | 10.91% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Transaction Analysis" beginning on page 62 is hereby amended by adding the following as a new second to last sentence thereof:**

For more information about certain of the assumptions provided by CWB for use in Piper Sandler's pro forma analysis, see the Investor Presentation filed by CWB as an exhibit to its Current Report on Form 8-K filed with the SEC on December 17, 2025, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.The Section of the Joint Proxy Statement/Prospectus entitled "Pro Forma Transaction Analysis" beginning on page 62 is hereby amended by adding the following table directly following the first paragraph thereunder at the top of page 63:**

The following table describes estimated earnings per share and tangible book value accretion and dilution metrics for CWB as indicated in the analysis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Closing<br>12/31/2025<br>12/31/2025 | 2026E | 2027E | 2028E | 2029E |
| EPS Accretion/(Dilution) |  | 10.2% | 19.1% | 18.0% | 16.4% |
| TBVPS Accretion / (Dilution) | (9.5)% | (7.4)% | (3.4)% | (0.2)% | 2.2% |

---

***Cautionary Note Regarding Forward-Looking Statements***

This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often include words such as "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could," as well as the negative of such words. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially, from those currently expected or projected in these forward-looking statements. In addition to factors disclosed in reports filed by the Company and USB with the SEC, risks and uncertainties for the Company, USB and the combined company that may cause actual results or outcomes to differ materially from those anticipated include, but are not limited to: (1) the possibility that any of the anticipated benefits of the proposed Merger will not be realized or will not be realized within the expected time period; (2) the risk that integration of USB's operations with those of the Company will be materially delayed or will be more costly or difficult than expected; (3) the parties' inability to meet expectations regarding the timing of the proposed Merger; (4) changes to tax legislation and their potential effects on the accounting for the Merger; (5) the inability to complete the proposed Merger due to the failure of USB's shareholders to adopt the Merger Agreement, or the failure of the Company's shareholders to adopt the Merger Agreement or to approve the issuance of the Company's common stock in connection with the Merger; (6) the failure to satisfy other conditions to completion of the proposed Merger; (7) the failure of the proposed Merger to close for any other reason; (8) diversion of management's attention from ongoing business operations and opportunities due to the proposed Merger; (9) the challenges of integrating and retaining key employees; (10) the effect of the announcement of the proposed Merger on the Company's, USB's or the combined company's respective customer and employee relationships and operating results; (11) the possibility that the proposed Merger may be more expensive to complete than anticipated, including

------

as a result of unexpected factors or events; (12) the dilution caused by the Company's issuance of additional shares of the Company's common stock in connection with the Merger; and (13) changes in the global economy and financial market conditions and the business, results of operations and financial condition of the Company, USB and the combined company. Please refer to each of the Company's and USB's Annual Reports on Form 10-K for the year ended December 31, 2024, as well as the Company's and USB's other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

Any forward-looking statement included in this report is based only on information currently available to management and speaks only as of the date on which it is made. Neither the Company nor USB undertakes any obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

***Additional Information and Where to Find It***

The Company has filed a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement includes a joint proxy statement of the Company and USB that also constitutes a prospectus of the Company, which has been sent to the shareholders of the Company and USB. Before making any voting decision, the shareholders of the Company and USB are advised to read the joint proxy statement/prospectus because it contains important information about the Company, USB and the proposed transaction. This document and other documents relating to the Merger filed by the Company can be obtained free of charge from the SEC's website at www.sec.gov. These documents also can be obtained free of charge by accessing the Company's website at ir.communitywestbank.com under the tab "Financials" and on USB's website at investors.unitedsecuritybank.com under the tab "Financials" and "SEC Filings." Alternatively, these documents can be obtained free of charge from the Company upon written request to Community West Bancshares, Attn: Investor Relations, 7100 N. Financial Dr., Suite 101, Fresno, CA 93720, or by calling (916) 235-4617 or from Target upon written request to United Security Bancshares, Attn: Investor Relations, 2126 Inyo St., Fresno, CA 93721, or by calling (559) 490-6261. The contents of the websites referenced above are not deemed to be incorporated by reference into the registration statement or the joint proxy statement/prospectus.

***Participants in the Solicitation***

This report does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. The Company, USB, and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of the Company and USB in connection with the proposed Merger under SEC rules. Information about the directors and executive officers of the Company and USB is included in the joint proxy statement/prospectus for the proposed transaction filed with the SEC. These documents may be obtained free of charge in the manner described above under "Additional Information and Where to Find It."

Security holders may obtain information regarding the names, affiliations and interests of the Company's directors and executive officers in the definitive proxy statement of the Company relating to its 2025 Annual Meeting of Shareholders filed with the SEC on April 4, 2025 and in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 17, 2025. Security holders may obtain information regarding the names, affiliations and interests of USB's directors and executive officers in the definitive proxy statement of USB relating to its 2025 Annual Meeting of Shareholders filed with the SEC on April 7, 2025 and in USB's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: | March 20, 2026 | **COMMUNITY WEST BANCSHARES**<br>By: <u>/s/ Shannon R. Livingston</u> <br>&nbsp;&nbsp;&nbsp;&nbsp; Shannon R. Livingston<br>&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Financial Officer |

---