North Bay Bancorp Authorizes Stock Repurchase Plan
09 Juin 2006 - 7:15PM
Business Wire
North Bay Bancorp (Nasdaq:NBAN), holding company for The Vintage
Bank and its Solano Bank division, today announced that the Board
of Directors has renewed its approval of a plan to repurchase
shares of the Company's common stock and increased the maximum
aggregate price from $1 million to $5 million. Purchases are to be
made, as conditions warrant, from time to time in the open market.
The duration of the program remains open-ended and the timing of
purchases will depend on market conditions. President and CEO Terry
L. Robinson stated, "All of our capital ratios are increasing due
to the slowing of our asset growth in the past 18 months as
compared to the rates of the previous five years. This
authorization provides one more tool to help us prudently manage
our capital in a slower growth environment. We continue to believe
that the repurchase of stock from time to time represents a
favorable and prudent investment opportunity for the Company, which
should enhance earnings per share, return on equity and shareholder
value. NBAN's strong capital position supports the continuation and
expansion of this program." About North Bay Bancorp North Bay
Bancorp was formed in 1999 and is the holding company for The
Vintage Bank and its division, Solano Bank. Its stock is publicly
traded on the NASDAQ National Market under the symbol NBAN. The
Vintage Bank is a full-service commercial bank that offers a wide
selection of deposit, loan and investment services. The Bank, which
opened in January of 1985, is proud to celebrate 21 years of
service and growth throughout the Napa Valley, Northern
California's number one tourist destination and the nation's
premier wine producing region, with six locations in Napa County,
including offices in American Canyon, Gateway Industrial Park and
St. Helena. The Solano Bank division, opened in 2000 as a
separately chartered bank, has offices in Vacaville, Fairfield,
Vallejo and Benicia. Solano County, projected to be the Bay Area's
fastest growing County through year 2030, provides excellent growth
opportunities for the Bank. This news release contains
forward-looking statements with respect to the financial condition,
results of operation and business of North Bay Bancorp and its
subsidiary. These include, but are not limited to, statements that
relate to or are dependent on estimates or assumptions relating to
the prospects of loan growth, credit quality and certain operating
efficiencies resulting from the operations of The Vintage Bank and
its Solano Bank Division. These forward-looking statements involve
certain risks and uncertainties. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) competitive pressure among financial services
companies increases significantly; (2) changes in the interest rate
environment on interest margins; (3) general economic conditions,
internationally, nationally or in the State of California are less
favorable than expected; (4) legislation or regulatory requirements
or changes adversely affect the business in which the combined
organization will be engaged; (5) finalization of the year-end
audit results; (6) the ability to satisfy the requirements of the
Sarbanes-Oxley Act and other regulations governing internal control
and (7) other risks detailed in the North Bay Bancorp reports filed
with the Securities and Exchange Commission.
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