Bank of Commerce Holdings’ board authorizes stock repurchase program

Bank of Commerce Holdings said that its board of directors has authorized the purchase of up to 1,019,490 or 6% of its outstanding shares over a 12-month period.

The stock repurchase plan authorizes the company to conduct open market purchases or privately negotiated transactions from time to time when, at management’s discretion, it is determined that market conditions and other factors warrant such purchases.

Purchased shares will be held in treasury. There is no guarantee as to the exact number of shares to be purchased, and the stock repurchase plan may be modified, suspended, or terminated without prior notice, the bank said.

“The stock repurchase plan provides us with an opportunistic and efficient tool to enhance shareholder value. From our perspective, current valuations and the Board’s confidence in the long-term financial outlook of the company provides management an excellent opportunity to buy back BOCH stock at attractive prices,” Bank of Commerce Holdings President and CEO Patrick J. Moty said.

Source: Bank of Commerce Holdings