Irvine-based CommerceWest Bank said Tuesday it received regulatory approval to open a bank branch in Los Angeles County’s South Bay.
The branch, which is located near the intersection of the 110 and 405 freeways in Gardena, is expected to open next month.
CommerceWest recently raised $4.8 million in a stock sale to help in its branch expansion, said Ivo A. Tian, chairman and chief executive of CommerceWest.
Shares of the bank were trading at $15.48 Tuesday. CommerceWest, which also has branches in Newport Beach and Corona, had $137 million in assets at the end of the second quarter.
