BANK BUYBACK OF STOCK OK'D TO CONTINUE STATE, FEDERAL APPROVAL WON.Byline: Daily News SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - Valencia Bank & Trust has received authorization The right or permission to use a system resource; the process of granting access. See access control. to continue its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The bank's board won approval from the State of California Department of Financial Institutions and The Federal Deposit Insurance Corp. for a stock repurchase program to buy up to 10 percent of Valencia's equity capital. The repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program was approved May 7 and will continue for a year, subject to earlier termination at the bank's discretion. The shares would be repurchased at the prevailing market prices from time to time in open market transactions or in privately negotiated transactions during the repurchase period depending upon market conditions. Board members decided to continue the repurchase program believing it enhances shareholder value by increasing the bank's return on equity and earnings per share, as well as providing a source of liquidity for shareholders interested in disposing of their shares. The bank has the option to acquire shares of stock but is under no obligation to acquire stock. ``We are very pleased to announce this repurchase program renewal, and we believe that it continues to benefit all shareholders by increasing the liquidity for some and increasing the value for others,'' bank President John M. Reardon said in a statement. Valencia Bank & Trust was founded in 1987 and offers a wide range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. tailored to corporate customers, entrepreneurs and professionals. The bank has five offices in the Santa Clarita and Antelope valleys This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley and a new loan production office in Oxnard. |
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