Business Bancorp Announces Stock Repurchase Program.Business Editors SAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif.--(BUSINESS WIRE)--Feb. 20, 2002 Business Bancorp (Nasdaq:BZBC), parent company of Business Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , announced today that its Board of Directors approved a plan to repurchase up to $5 million of the Company's common stock. The repurchase program authorizes the company to repurchase and retire up to $5 million of its common stock in open market and private transactions during the next five years. The time of purchases and the exact number of shares to be purchased will depend on market conditions. The company intends to finance the purchases using its available cash. The company currently has 3,907,439 shares of common stock outstanding and its stock price closed at $11.60 per share on February 20, 2002. "The stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program will provide additional tools to efficiently utilize the company's capital and enhance shareholder value," said Alan J. Lane, 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. . About Business Bancorp Business Bancorp is a bank holding company that owns 100% of the capital stock of Business Bank of California, the company's principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The bank is a California state chartered Fed member commercial bank whose primary business includes retail banking, commercial, construction, and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lending activities. Business Bank of California has served California businesses since 1984. The bank operates 16 branches in the Southern California cities of Corona, Hemet, Hesperia, Ontario, Phelan, Riverside, Redlands, Upland and San Bernardino, and in the Northern California cities of San Rafael, Petaluma, San Francisco, South San Francisco South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , and Hayward. They are strongly focused on providing high quality, personalized services to small businesses, professionals and consumers. For information on the company or to obtain the company's quarterly financial supplement, call Patrick E. Phelan, CFO See Chief Financial Officer. at 415-784-2328 or e-mail your request to pphelan@mcbf.com. Include your phone, facsimile, e-mail and mailing address. The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties, including the bank's ability to implement its plans to repurchase shares, availability of capital and changes in strategies to optimize cash utilization and other factors detailed in the company's SEC filings. |
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