Mission Bancorp Announces Extension of Stock Repurchase Plan

Rhea-AI Summary

Mission Bancorp extends its 10b5-1 Plan to repurchase its common stock, allowing for the repurchase of up to $1.0 million worth of shares. The extension is valid for an additional six months.

Positive

• Mission Bancorp has extended its 10b5-1 Plan, allowing for the repurchase of up to $1.0 million worth of common stock. This could potentially increase the value of the company's shares and benefit investors.

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• None.

BAKERSFIELD, Calif., Oct. 27, 2023 /PRNewswire/ -- Mission Bancorp (OTC Pink: MSBC), announced on May 2, 2023, the extension of its plan under Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $1.0 million of the Company's common stock may be repurchased by the Company.  The 2022 10b5-1 Plan has expired on October 27, 2023, and the Company has extended the Plan for an additional six months, through April 26, 2024.  The extension authorizes the Company to repurchase its common stock up to a maximum of $1.0 million.  Remaining funds associated with the prior authorization will be removed from the Plan and the Company may suspend or discontinue the Plan at any time.  Hilltop Securities, Inc. is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan.

About Mission Bancorp

With $1.6 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of four wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc.  Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California. Visit Mission Bank online at www.missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to, and shall not be deemed to incorporate by reference any material contained therein.

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SOURCE Mission Bank

FAQ

What is Mission Bancorp's 10b5-1 Plan?

Mission Bancorp's 10b5-1 Plan is a plan that allows the company to repurchase its own common stock on pre-arranged terms. The company has extended the plan for an additional six months.

How much common stock can Mission Bancorp repurchase?

Mission Bancorp can repurchase up to $1.0 million worth of its common stock under the 10b5-1 Plan.

Who is acting as Mission Bancorp's agent for the stock repurchase?

Hilltop Securities, Inc. is acting as Mission Bancorp's agent to purchase its shares on pre-arranged terms.