BayCom Corp Announces Adoption of Stock Repurchase Program

Rhea-AI Summary

BayCom Corp (NASDAQ: BCML) has announced its seventh stock repurchase program, authorizing the buyback of up to 619,000 shares, approximately 5% of its outstanding shares, over the next year. This program will start upon the completion of the current buyback set to expire on October 24, 2023. Currently, 17,633 shares remain available for repurchase under the ongoing program. The timing and quantity of shares repurchased will depend on market conditions and company policies, emphasizing flexibility in execution. This move aims to enhance shareholder value, indicating the Board's confidence in the company's financial health and future prospects.

Positive

• Authorization of up to 619,000 shares for repurchase, signaling confidence in company’s valuation.
• Repurchase program covers about 5% of outstanding shares, potentially increasing EPS.

Negative

• None.

WALNUT CREEK, Calif.--(BUSINESS WIRE)-- BayCom Corp (NASDAQ: BCML) (“BayCom” or the “Company”), the parent company of United Business Bank, today announced that its Board of Directors (the “Board”) approved its seventh stock repurchase program for the repurchase of up to 619,000 shares of its common stock, or approximately 5% of its outstanding shares, over a one year period through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The new stock repurchase program will commence upon completion of the sixth stock repurchase program which will expire on October 24, 2023, or earlier if the shares have been repurchased. As of the date hereof, the Company has 17,633 shares available for future purchase under the Company’s sixth stock repurchase program.

Repurchases are expected to commence immediately. The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plan adopted, price, general business and market conditions, and alternative investment opportunities. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.

About BayCom Corp

The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington, New Mexico and Colorado. The Bank is an Equal Housing Lender and a member of FDIC. The Company is traded on the NASDAQ under the symbol “BCML”. For more information, go to www.unitedbusinessbank.com.

Forward-Looking Statements

This press release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws, including information regarding purchases by BayCom of its common stock. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words or phrases "may," "believe," "will," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," "potential," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, but the absence of these words does not mean that a statement is not forward-looking. By their nature, forward-looking information and statements are subject to risks, uncertainties, and contingencies, including changes in price and volume and the volatility of the Company’s common stock; adverse developments affecting either or both of prices and trading of exchange-traded securities, including securities listed on the Nasdaq Stock Market; and unexpected or otherwise unplanned or alternative requirements with respect to the capital investments of the Company. The Company does not undertake to update any forward looking statements or information, including those contained in this report.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005058/en/

BayCom Corp

Keary Colwell, 925-476-1800

kcolwell@ubb-us.com

Source: BayCom Corp

FAQ

What is the new stock repurchase program for BayCom Corp (BCML)?

BayCom Corp has approved a stock repurchase program for buying back up to 619,000 shares, around 5% of its outstanding shares.

When does the new stock repurchase program for BCML start?

The new repurchase program will start upon completion of the current one, expected to expire on October 24, 2023.

What are the expected effects of the stock buyback on BCML's stock price?

The stock buyback is likely to enhance shareholder value and potentially increase the stock price by reducing the number of shares outstanding.

How many shares are available for purchase under the current buyback program for BCML?

There are currently 17,633 shares available for future purchase under the ongoing stock repurchase program.