Mission Bancorp Announces Extension of Stock Repurchase Plan and Declares 5.00% Annual Stock Dividend

Rhea-AI Summary

Mission Bancorp announced the extension of its stock repurchase plan and the approval of a 5.00% annual stock dividend. The extension of the repurchase plan allows the company to repurchase its common stock up to $1.0 million. The stock dividend will be issued on June 3, 2024, to shareholders of record as of May 20, 2024.

Positive

• The company's continued success and record earnings in 2023 led to the approval of the 5.00% annual stock dividend.

• The extension of the stock repurchase plan acts as an ongoing capital management resource for the company.

Negative

• None.

BAKERSFIELD, Calif., April 29, 2024 /PRNewswire/ -- Mission Bancorp (OTC Pink: MSBC), announced today that its Board of Directors has extended its stock repurchase plan and approved a 5.00% stock dividend.

"The approval of this annual stock dividend is only possible due to the Company's continued success and record earnings in 2023," said President and Chief Executive Officer, AJ Antongiovanni.  "We are dedicated to our customers and the communities we serve, and our outstanding performance is proof that hard work reaps reward."

Stock Repurchase Plan

The Company announced on October 27, 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 April 26, 2024, and the Company will extend the Plan for an additional 6 months, through October 25, 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. Since Plan inception the Company has repurchased 4,066 shares at an average price of $82.62. The extension of the stock repurchase program acts as an ongoing capital management resource.

Stock Dividend

The annual 5.00% stock dividend will be issued on June 3, 2024 ("the Effective Date"), to shareholders of record as of May 20, 2024 ("the Record Date").

About Mission Bancorp

With $1.7 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 did Mission Bancorp announce?

Mission Bancorp announced the extension of its stock repurchase plan and the approval of a 5.00% annual stock dividend.

When will the stock dividend be issued?

The annual 5.00% stock dividend will be issued on June 3, 2024, to shareholders of record as of May 20, 2024.

What is the maximum amount of common stock that the company may repurchase?

Under the 2022 10b5-1 Plan, the company may repurchase up to $1.0 million of its common stock.