California State Bank Announces Stock-Repurchase Program.COVINA, Calif.--(BUSINESS WIRE)--Aug. 27, 1997--California State Bank (Nasdaq/NM:CSTB CSTB Centre Scientifique et Technique du Batiment (France) CSTB Computer Science and Telecommunications Board (NRC) CSTB Computer Science and Technology Board CSTB Computer Science and Telecommunication Board ) Chairman of the Board and Chief Executive Officer Thomas A. Bishop Wednesday announced that the bank's board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase of shares of common stock from time to time at prevailing market prices through open-market purchases open-market purchase The buying of stocks and bonds in the securities markets. For example, in order to satisfy the sinking fund requirement of a bond indenture, the issuer may call securities from investors or make open-market purchases. or private transactions in an aggregate amount of up to $5 million of common stock. California State Bank common stock, which is listed on the Nasdaq National Market System, was quoted with a high of 28-1/2, a low of 27-7/8 and a close of 27-7/8 on Aug. 26, 1997. ``We believe that the repurchase of our stock is an attractive opportunity for the company, a good investment of corporate funds and in the best interests of our shareholders,'' stated Bishop. At June 30, 1997, the bank had total assets of $755.1 million, net loans and leases of $426.1 million and total deposits of $661.6 million. As of Aug. 26, 1997, there were 5,187,226 shares of the bank's common stock outstanding. California State Bank is a full-service bank that serves Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Orange, Riverside and San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. counties through 18 branches. CONTACT: California State Bank, Covina Thomas A. Bishop, 626/915-4424 |
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