Heritage Oaks Bancorp Announces Amendment to Share Repurchase Program
22 Juillet 2016 - 10:15PM
Heritage Oaks Bancorp (the "Company") (Nasdaq:HEOP), a bank holding
company and the parent of Heritage Oaks Bank, announced today that
it has amended its stock repurchase program to, among other things,
extend the program beyond its originally disclosed expiration
date. Under the amended plan, which is a written plan
designed to be compliant with Rule 10b5-1 and Rule 10b-18, the
Company may repurchase up to $5,000,000 of its outstanding common
stock. Repurchase program activity pursuant to the amendments
to the plan may commence on August 6, 2016 and continue until
February 8, 2017, the amended plan's new expiration date, or expire
earlier upon completion of the repurchase of $5,000,000 of the
Company's common stock in addition to what has been already
purchased under the program, as well as under certain other
circumstances set forth in the amended plan. The Company has no
obligation to repurchase any shares under this program and may
suspend or discontinue it at any time. All shares repurchased as
part of the repurchase program will be cancelled and therefore no
longer available for reissuance.
"We continue to believe the repurchase of our common stock
represents an attractive investment opportunity for the Company,
and the extension of this repurchase program reflects our
commitment to deploying our capital in ways that will create value
for our shareholders," said Simone Lagomarsino, Chief Executive
Officer of Heritage Oaks Bancorp and Heritage Oaks Bank. "Our
current capital ratios afford us the opportunity to repurchase
shares of our common stock, while still maintaining sufficient
capital to continue growing our franchise in a safe and sound
manner."
About Heritage Oaks Bancorp and Heritage Oaks
Bank
With $1.9 billion in assets, Heritage Oaks Bancorp is
headquartered in Paso Robles, California and is the holding company
for Heritage Oaks Bank. Heritage Oaks Bank operates two
branch offices each in Paso Robles and San Luis Obispo; single
branch offices in Atascadero, Templeton, Cambria, Morro Bay, Arroyo
Grande, Santa Maria, Goleta and Santa Barbara; as well as a single
loan production office in Ventura/Oxnard. Heritage Oaks Bank
conducts commercial banking business in San Luis Obispo, Santa
Barbara, and Ventura counties. Visit Heritage Oaks Bank on the Web
at www.heritageoaksbank.com. By including the foregoing website
address, Heritage Oaks Bancorp does not intend to, and shall not be
deemed to incorporate by reference any material contained
therein.
The Heritage Oaks Bancorp logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7045
Forward Looking Statements
Certain statements in this press release, including, without
limitation, statements containing the words “believes”,
“anticipates”, “intends”, “expects”, and words of similar impact,
constitute “forward looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include: the
continuing relative softness in the overall economy, including the
California real estate market; the effect of the current low
interest rate environment or changes in interest rates on our net
interest margin; our ability to attract and retain qualified
employees; a failure or breach of our operational security systems
or infrastructure or those of our customers, our third party
vendors or other service providers, including as a result of a
cyber-attack; any compromise in the secured transmission of
personal, financial and/or confidential information over
public networks, including theft of confidential information
followed by fraudulent or other illegal activity; environmental
conditions, including the prolonged drought in California, natural
disasters such as earthquakes, landslides, and wildfires that may
disrupt business, impede operations, or negatively impact the
ability of certain borrowers to repay their loans and/or the values
of collateral securing loans; the possibility of an unfavorable
ruling in a legal matter, and the potential impact that it may have
on earnings, reputation, or the Bank’s operations; and the
possibility that any expansionary activities will be impeded while
the FDIC’s and CA DBO’s joint BSA Consent Order remains
outstanding, and/or that we will be unable to comply with the
requirements set forth in the BSA Consent Order, which could result
in restrictions on our operations, and other risks descried in our
annual report on Form 10-K that is on file with the Securities and
Exchange Commission. (Please see the Company’s Risk Factors
included in the Company’s Annual Report most recent Form 10-K filed
on March 4, 2016). The Company disclaims any obligation to
update any such factors or to publicly announce the results of any
revisions to any of the forward-looking statements contained herein
to reflect future events or developments.
CONTACTS:
Simone Lagomarsino, President and CEO
Jason Castle, Executive Vice President and Chief Financial Officer
805-369-5200
Heritage Oaks Bancorp (NASDAQ:HEOP)
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