1st Capital Bancorp Announces Stock Repurchase Program
1st Capital Bancorp (OTCQX: FISB) announced a Stock Repurchase Program authorizing up to $5 million in common stock repurchases. These repurchases will occur via open-market or privately negotiated transactions, depending on various factors such as capital position and market conditions. The program, set to expire on December 31, 2022, includes a 10b5-1 trading plan to facilitate compliance with insider trading laws. This initiative aims to enhance shareholder value while offering flexibility in execution.
- Share repurchase program demonstrates commitment to enhancing shareholder value.
- Potentially positive impact on stock price due to reduction in outstanding shares.
- No specific timeframe for repurchase execution may lead to uncertainty.
- Market conditions could limit the effectiveness of the buyback.
SALINAS, Calif., Dec. 03, 2021 (GLOBE NEWSWIRE) -- 1st Capital Bancorp (the “Company), (OTCQX: FISB), the
Share repurchases may be conducted through open-market transactions or privately negotiated transactions. The timing and amount of share repurchases will be subject to management’s discretion and various factors including the Company’s capital position, alternative uses of capital, financial performance, general market and economic conditions, and applicable legal requirements.
As part of the Stock Repurchase Program, the Company entered into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume, and timing restrictions.
The Stock Repurchase Program, which will expire on December 31, 2022, may be suspended, terminated, or modified at any time without notice.
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 1st Capital Bank. The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Company’s market areas; governmental regulation and legislation; credit quality; competition affecting the Company’s businesses generally; the risk of natural disasters and future catastrophic events including pandemics, terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Company does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law. This news release is available at the www.1stCapital.bank internet site for no charge.
For further information, please contact:
| Samuel D. Jimenez | Danelle Thomsen |
| Chief Executive Officer | Chief Financial Officer |
| 831.264.4057 | 831.264.4014 |
| Sam.Jimenez@1stCapitalBank.com | Danelle.Thomsen@1stCapitalBank.com |
FAQ
What is the purpose of the Stock Repurchase Program by 1st Capital Bancorp?
When does the Stock Repurchase Program expire?
How will the stock repurchases be conducted?
What is the significance of the 10b5-1 trading plan for 1st Capital Bancorp?
