First Commerce Bancorp, Inc. Announces Adoption of Initial Stock Purchase Program

Rhea-AI Summary

First Commerce Bancorp, Inc. announces a stock repurchase program to buy back up to 5% of its outstanding shares of common stock, or approximately 1.2 million shares. This is the company's first repurchase program since its holding company reorganization in May 2023. The program has no expiration date and may be suspended, terminated, or modified at any time. The timing and amount of repurchases will depend on various factors, including stock availability, market conditions, trading price, capital uses, and financial performance.

LAKEWOOD, NJ / ACCESSWIRE / August 16, 2023 / First Commerce Bancorp, Inc. (the "Company") (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today announced that it has adopted a program to repurchase up to 5% of its outstanding shares of common stock, or approximately 1.2 million shares of its common stock. This is the Company's first stock repurchase program since completing its holding company reorganization on May 31, 2023.

Shares may be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be made in accordance with applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

About First Commerce Bancorp, Inc.

Established in 2006 and headquartered in Lakewood, New Jersey, the Bank has offices in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Lakewood, Montvale, Robbinsville and Teaneck, with a new office in Jackson, New Jersey opening shortly. The Bank provides businesses and individuals with a wide range of loans, deposit products and retail and commercial banking services. For more information, please go to www.firstcommercebk.com.

Forward-Looking Statements

This release contains forward-looking statements regarding the Company's prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company and the Bank, generally can be identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to the factors disclosed in our previous releases and communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; our ability to maintain sufficient levels of liquidity; customer acceptance of the Bank's products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; market and customer responses to recent bank failures; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

CONTACT:

Donald Mindiak
President and Chief Executive Officer
First Commerce Bancorp, Inc.
105 River Avenue
Lakewood, NJ 08701-4267
(732) 719-3837
dmindiak@firstcommercebk.com

SOURCE: First Commerce Bancorp, Inc.

View source version on accesswire.com:
https://www.accesswire.com/774607/First-Commerce-Bancorp-Inc-Announces-Adoption-of-Initial-Stock-Purchase-Program

FAQ

What did First Commerce Bancorp, Inc. announce?

First Commerce Bancorp, Inc. announced a stock repurchase program.

How many shares will be repurchased?

The company plans to repurchase up to 5% of its outstanding shares, which is approximately 1.2 million shares.

Is this the first repurchase program for the company?

Yes, this is the company's first stock repurchase program since its holding company reorganization in May 2023.

Can the repurchase program be modified or terminated?

Yes, the program may be suspended, terminated, or modified at any time for any reason.

What factors will determine the timing and amount of repurchases?

The timing and amount of repurchases will depend on factors such as stock availability, market conditions, trading price, capital uses, and the company's financial performance.