Commencement Bancorp, Inc. (CBWA) Announces Stock Repurchase Plan
Commencement Bancorp, Inc. (OTCQX:CBWA) announced a stock repurchase program effective from November 2, 2020, to November 1, 2021. The program permits repurchases of shares in open market or private transactions, adhering to SEC regulations and specified constraints. The specific timing, number, and value of repurchased shares will depend on various factors, including market conditions and investment opportunities. This initiative aims to enhance shareholder value and reflects the company's commitment to a sustainable banking approach in Pierce, King, and Thurston counties.
- Initiation of a stock repurchase program which may increase shareholder value.
- Repurchases will be conducted in accordance with SEC regulations, ensuring compliance.
- The program has no guaranteed impact on stock price; actual repurchases depend on market conditions.
TACOMA, WA / ACCESSWIRE / November 2, 2020 / Commencement Bancorp, Inc. (OTCQX:CBWA) (the "Company") announced today that its Board of Directors adopted a stock repurchase program for the purpose of repurchasing a limited number of shares of the Company's common stock. The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
The repurchase program will cover the repurchase of shares commencing no earlier than November 2, 2020, and expiring November 1, 2021. Repurchases are subject to SEC requirements as well as certain price, volume, and timing constraints specified in the plan. The actual timing, number, and value of shares repurchased under the repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities.
About Commencement Bancorp, Inc.
Commencement Bancorp, Inc. is the holding company for Commencement Bank, headquartered in Tacoma, Washington. Commencement Bank was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce, King, and Thurston counties and the surrounding areas. Their team of experienced banking experts focuses on personal attention, flexible service, and building strong relationships with customers through state-of-the-art technology as well as traditional delivery systems. As a local bank, Commencement Bank is deeply committed to the community. For more information, please visit www.commencementbank.com. For information related to the trading of CBWA, please visit www.otcmarkets.com.
For further discussion, please contact the following:
John E. Manolides, President & Chief Executive Officer | 253-284-1802
Thomas L. Dhamers, Executive Vice President & Chief Financial Officer | 253-284-1803
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Commencement Bank's projections, estimates, plans, and expectations of future results and can be identified by words such as "believe," "intend," "estimate," "likely," "anticipate," "expect," "looking forward," and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which, because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement and should consider factors that might cause differences, including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment, or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve's actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Commencement Bank undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
SOURCE: Commencement Bank (WA)
View source version on accesswire.com:
https://www.accesswire.com/613974/Commencement-Bancorp-Inc-CBWA-Announces-Stock-Repurchase-Plan
FAQ
What is the purpose of the stock repurchase program announced by Commencement Bancorp (CBWA)?
When does the stock repurchase program for CBWA start and end?
How will Commencement Bancorp (CBWA) conduct the stock repurchases?
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