Bank of Commerce Holdings Announces Share Repurchase Program
18 Novembre 2020 - 10:00PM
Bank of Commerce Holdings (NASDAQ: BOCH) (the “Company”), a
$1.740 billion asset bank holding company and parent company
of Merchants Bank of Commerce (the “Bank”), today announced that
its Board of Directors has adopted a share repurchase
program.
The share repurchase program authorizes the
Company to purchase up to one million shares of its common stock
over a period ending December 31, 2021 and is effective
immediately. Purchases may be made in the open market, including in
block trades, or through privately negotiated transactions, from
time to time when management determines that market conditions and
other factors warrant such purchases. There is no guarantee as to
the exact number of shares to be purchased, and the share
repurchase program may be modified, suspended, or terminated
without prior notice.
“After careful evaluation, we have determined
that a share repurchase program is the best method at this time to
enhance shareholder value and effectively manage capital,” said
Randall S. Eslick, President and Chief Executive Officer. “Our
Board of Directors was motivated to approve this program by their
confidence in the long-term core value of our Company.”
About Bank of Commerce
Holdings
Bank of Commerce Holdings is a bank holding
company headquartered in Sacramento, California and is the parent
company for Merchants Bank of Commerce. The Bank is an FDIC-insured
California banking corporation providing community banking and
financial services in northern California’s wine country and the
Sacramento Valley along the Interstate 5 corridor from Sacramento
to Yreka. The Bank was incorporated as a California banking
corporation on November 25, 1981 and opened for business on October
22, 1982. The Company’s common stock is listed on the NASDAQ Global
Market and trades under the symbol “BOCH”.
Forward-Looking Statements
This news release includes statements by the
Company regarding future expectations and developments that are not
based on historical facts and are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21B of the Securities Exchange Act of 1934, as
amended. Future events are difficult to predict, and the
expectations described above are necessarily subject to risks and
uncertainty that may cause actual results to differ materially and
adversely. Factors that may affect the Company’s prospects are
described in the Company’s 2019 Annual Report on Form 10-K and
other reports filed with the Securities and Exchange Commission.
Although forward-looking statements help to provide complete
information about the Company, readers should keep in mind that
forward-looking statements are less reliable than historical
information. The Company undertakes no obligation to update or
revise forward-looking statements in this release to reflect events
or changes in circumstances that occur after the date of this
release.
Contact Information
Randall S. Eslick, President and Chief Executive Officer
Telephone Direct (916) 677-5800
James A. Sundquist, Executive Vice President and Chief Financial Officer
Telephone Direct (916) 677-5825
Andrea M. Newburn, Vice President and Senior Administrative Officer / Corporate Secretary
Telephone Direct (530) 722-3959
Bank of Commerce (NASDAQ:BOCH)
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