City Bank Announces Stock Repurchase Program.Business Editors LYNNWOOD, Wash.--(BUSINESS WIRE)--Jan. 27, 2003 The Board of Directors of City Bank (Nasdaq:CTBK) today announced a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, effective immediately, whereby up to 10% of the outstanding shares may be repurchased. City Bank currently has 9,701,848 shares outstanding. At the closing price of $25.27 on January 24, 2003, this would represent approximately $25,000,000. Repurchases will be made in the open market in accordance with applicable securities laws, or in private transactions, from time to time, depending on market price and other considerations, and may be discontinued at any time. Any shares that are repurchased may be retired or used in connection with employee stock option programs or other purposes permitted by accounting rules. City Bank feels the true value of the Company is not reflected in the current market price of its stock; it does not reflect the consistent operating performance of City Bank over its 29 year history. As City Bank operates with an abundance of capital, well in excess of regulatory requirements, the repurchase program represents good use of excess capital. City Bank is a state-chartered commercial bank founded in 1974 and headquartered in Lynnwood, Washington Lynnwood is a city in Snohomish County, Washington, United States. The population was 33,847 at the 2000 census making it the third largest in Snohomish County and twenty-fourth largest in Washington State. . The bank is publicly traded and many of the stockholders are local individuals. Eight banking offices serve both Snohomish and North King counties. Additionally, two mortgage loan offices serve Snohomish, King and Pierce counties. City Bank provides a wide range of banking services for business and individuals, including loans for residential construction, commercial, Small Business Administration, mortgage and consumer, and all types of deposits as well as other general banking services. City Bank has been consistently recognized as one of the top performing banks in Washington state and nationally as well. City Bank's majority owned subsidiary, Diligenz, Inc. is a nationwide Web-based due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and document retrieval The ability to search for documents by keywords and other attributes such as date and author. It implies that the documents have been indexed on all pertinent fields and that keywords have been chosen based upon title and textual content. See document imaging and document management system. service provider. Diligenz, Inc. offers the industry's most complete and accurate UCC An abbreviation for the Uniform Commercial Code. searching, filing and due diligence services, including corporate good standing searches, right from the client's desktop. Information herein contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which can be identified by words such as "may", "expected", "anticipate", "estimate", "continue" or other comparable words. In addition all statements other than statements of historical facts that address activities that City Bank expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read City Bank's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2001, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management. |
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