CORRECTING and REPLACING BWC Financial Corp. Announces First Quarter 2006 Earnings

Headline of release dated April 26, 2006 should read:
BWC Financial Corp. Announces First Quarter 2006 Earnings (sted
...First Quarter 2005 Earnings).
   In the SUMMARY BALANCE SHEET, Deposits should read: $431,292 (sted
$431,666) and Other Liabilities should read: $4,955 (sted $4,581).

   The corrected release reads:

   BWC FINANCIAL CORP. ANNOUNCES FIRST QUARTER 2006 EARNINGS

   James L. Ryan, Chief Executive Officer and Chairman of the Board
of BWC Financial Corp. (Nasdaq:BWCF) and its subsidiaries Bank of
Walnut Creek and BWC Mortgage Services, announced First Quarter 2006
income of $2,076,000 or $0.50 diluted earnings per share, compared to
First Quarter 2005 income of $1,680,000 or $0.39 diluted earnings per
share.
   Earnings for First Quarter 2006 represent a return on average
assets (ROA) of 1.55% and return on average equity (ROE) of 16.24%,
compared to a 1.40% ROA and 14.33% ROE for the same period last year.
Total assets of the Corporation at March 31, 2006 were $564,239,000
compared to total assets of $521,715,000 at the end of the First
Quarter 2005.
   Additional details may be found in the Summary of Consolidated
Financial Results for First Quarter 2006:

-0-
*T
Selected Financial Data -- Summary:

The following table provides certain selected consolidated financial
data as of and for the three month periods ended March 31, 2006 and
2005.

                                                    Quarter Ended
SUMMARY INCOME STATEMENT                              March 31,
(Unaudited in thousands except share data)         2006        2005
                                               -----------------------

Interest Income (not taxable equivalent)       $    9,995  $    8,020
Interest Expense                                    2,498       1,512
                                               -----------------------
Net Interest Income                                 7,497       6,508
Allowance for Credit Losses                             -           -
                                               -----------------------
Net Interest Income after allowance for credit
 losses                                             7,497       6,508
Non-interest Income                                 4,135       3,402
Non-interest Expenses                               8,242       7,015
Minority Interest                                      63         104
                                               -----------------------
Income before income taxes                          3,327       2,791
Provision for income taxes                          1,251       1,111
                                               -----------------------
Net Income                                     $    2,076  $    1,680

Per share:
Net Income -- basic                            $     0.50  $     0.40
Net Income -- diluted                          $     0.50  $     0.39
Weighted avg. shares used in Basic E.P.S.
 calculation                                    4,128,868   4,228,838
Weighted avg. shares used in Diluted E.P.S.
 calculation                                    4,182,253   4,284,146
Cash dividends                                 $     0.10  $     0.08
Book value at periodend                        $    12.76  $    11.41
Ending Shares                                   4,129,029   4,224,705


Financial Ratios:                                  2006        2005
                                               -----------------------
Return on Average Assets                             1.55%       1.40%
Return on Average Equity                            16.24%      14.33%
Net Interest Margin (taxable equivalent yield)       5.89%       5.59%
Net loan losses (recoveries) to avg. loans           0.00       (0.00)
Efficiency Ratio (Bank only)                        57.70%      59.29%

SUMMARY BALANCE SHEET
In thousands
Assets:                                            2006        2005
                                               -----------------------
Cash and Equivalents                           $   23,238  $   52,268
Investments                                       102,446      66,250
Loans                                             424,391     385,377
Allowance for Credit Losses                        (7,511)     (7,694)
BWC Mortgage Services
     Loans Held-for-Sale                            5,473      10,899
Other Assets                                       16,202      14,615
                                               -----------------------
Total Assets                                   $  564,239  $  521,715

Deposits                                       $  431,292   $  408,926
REPO Sweeps                                    $    6,309  $        -
FHLB Borrowings                                    63,710      49,778
BWC Mortgage Services Borrowings                    5,303      10,695
Other Liabilities                                   4,955       4,114
                                               -----------------------
Total Liabilities                                 511,569     473,513

Equity                                             52,670      48,202
                                               -----------------------
Total Liabilities and Equity                   $  564,239  $  521,715
*T

   Founded in 1980, Bank of Walnut Creek's headquarters and main
office are at 1400 Civic Drive, Walnut Creek. Additional branch
offices are in Orinda, San Ramon, Danville, Pleasanton, and Livermore,
with a regional commercial banking office in San Jose. BWC Mortgage
Services, with headquarters at 3130 Crow Canyon Place in San Ramon,
has mortgage consultants in each of the Bank's branch offices and
additional offices in Tahoe City, Reno, Concord, Manteca, Redding and
Las Vegas.

   NASDAQ: BWCF

   www.bowc.com

   This press release contains forward-looking statements with
respect to the financial condition, results of operation and business
of Bank A. These include statements that relate to or are dependent on
estimates or assumptions relating to the prospects of continued loan
and deposit growth, improved credit quality, the operating
characteristics of the Company's income tax refund programs and the
economic conditions within its markets. These forward-looking
statements involve certain risks and uncertainties, many of which are
beyond the Company's control. Factors that may cause actual results to
differ materially from those contemplated by such forward-looking
statements include, among others, the following possibilities: (1)
increased competitive pressure among financial services companies; (2)
changes in the interest rate environment reducing interest margins or
increasing interest rate risk; (3) deterioration in general economic
conditions, internationally, nationally or in the State of California;
(4) the occurrence of future terrorist acts or impact of military
actions;and (5) legislative or regulatory changes adversely affecting
the business in which Bank A engages. Forward-looking statements speak
only as of the date they are made, and Bank A does not undertake to
update forward-looking statements to reflect circumstances or events
that occur after the date the forward-looking statements are made.