Santa Cruz County Bank announced the launch of a $5 million Share Repurchase Program. The Bank’s Board of Directors authorized the Share Repurchase Program and received the required approvals from the California Department of Financial Protection and Innovation as well as the Federal Deposit Insurance Corporation.
Latest Fintech News: COINZIX Announces $300,000 Investment from Legion Ventures
This is the first share buyback program in the history of the Bank. In March 2022, the Bank completed a previously announced 2-for-1 stock split.
“Since our founding, we have continuously aligned the Bank’s strategic initiatives with increasing shareholder value,” stated Chairman William J. Hansen. “The Board’s authorization of this Program is based upon the strength of our balance sheet, our financial performance and continued growth. This Program further demonstrates our commitment to enhancing the value for all stockholders investing in Santa Cruz County Bank.”
Latest Fintech News: Accenture Invests in pulsESG to Advance ESG and Sustainability Measurement, Decision Making and Reporting for Companies
The Board’s authorization for the Program permits the repurchase of up to $5 million of Santa Cruz County Bank common shares in open market and privately-negotiated transactions. Additionally, the Bank entered into contract with Janney Montgomery Scott LLC, a nationally recognized broker dealer, to facilitate repurchases. The Bank intends that all share repurchases will be made in compliance with the Securities Exchange Act of 1934 under rules 10b-18 and 10b5-1. The Stock Repurchase Program, which will expire on May 20, 2023, may be suspended, terminated, or modified at any time without notice. Shares purchased under the program will reduce the number of shares outstanding and will be returned to authorized but unissued status.
The timing and amount of common stock repurchases made pursuant to the Santa Cruz County Bank Share Repurchase Program are subject to various factors, including the Bank’s capital position, liquidity, financial performance, alternative uses of capital, stock trading price, regulatory requirements and general market conditions. The repurchase program does not obligate the Bank to acquire any particular number of shares, and the repurchase program may be suspended or discontinued at any time at the Bank’s discretion.
Latest Fintech News: Instacart and Chase Launch New Instacart Mastercard Credit Card Unlocking New Rewards and Unlimited Earnings from Hundreds of Retailers
[To share your insights with us, please write to sghosh@martechseries.com]
