Private Bancorp of America, Inc. Announces Second Stock Repurchase Program
Private Bancorp of America (OTCQX: PBAM) announced a new stock repurchase program, allowing the purchase of up to 60,000 shares for a total of $2.2 million. This program is set to run until December 31, 2022, following the termination of the previous repurchase initiative that saw no shares bought back. The new buyback, structured under SEC rules 10b5-1 and 10b-18, aims to enhance shareholder value. The company emphasizes its commitment to delivering creative banking solutions for high net worth individuals and businesses across California.
- Authorized repurchase of up to 60,000 shares totaling $2.2 million, enhancing shareholder value.
- Previous stock repurchase program terminated with no shares repurchased.
LA JOLLA, Calif., April 28, 2022 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM) today announced that the Board of Directors has adopted a second stock repurchase program, and authorized entering into a written stock repurchase agreement with a broker-dealer. That agreement is expected to include a trading plan in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934. The Board authorized the Company to purchase up to 60,000 shares of the Company’s stock in privately-negotiated transactions and in the open market for aggregate consideration of up to
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is an SBA Preferred Lender and a Bauer Financial 5 star rated bank.
Investor Relations Contacts
Rick Sowers
President and Chief Executive Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 303-4894
Mag Wangsuwana
Executive Vice President and Chief Financial Officer
Private Bancorp of America, Inc., and CalPrivate Bank
(424) 348-2145
Safe Harbor Paragraph
This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
FAQ
What is the purpose of the new stock repurchase program by PBAM?
When does the new repurchase program for PBAM expire?
What happened to PBAM's first stock repurchase program?
How will the PBAM stock buyback affect its stock price?
