Bank of Marin Announces Approval for Share Repurchase.CORTE MADERA Madera (mədâr`ə), city (1990 pop. 29,281), seat of Madera co., central Calif., in the San Joaquin valley; inc. 1907. Wine, machinery, consumer goods, and plastic products are produced, and a granite quarry is there. , Calif. -- Bank of Marin (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMRC BMRC Biomedical Research Council BMRC Bureau of Meteorology Research Centre BMRC British Medical Research Council BMRC Bangladesh Medical Research Council BMRC Behavioral Medicine Research Center BMRC Buffalo Materials Research Center ) Chairman Judith O'Connell Allen and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Russell Colombo announced today that the Bank has received approval from the California Department of Financial Institutions and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. to implement a share repurchase program to buy back up to 10%, or approximately 545,884 of the bank's 5,458,838 outstanding shares, not to exceed $15 million. The repurchase program will allow Bank of Marin to purchase common shares for a period of approximately twelve months in the open market or in privately negotiated transactions, subject to market conditions. The Bank expects to begin repurchases in the month of October. Bank of Marin has eleven offices with locations in Strawberry, Corte Madera, downtown San Rafael, Andersen Drive and Northgate in San Rafael, Ignacio, downtown Novato, Sausalito and three offices in Petaluma. The Bank's Administrative offices are located in Novato and its Wealth Management Services are located at the Corte Madera location. |
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