-Bank of Commerce Holdings authorises stock repurchase.
Global Banking News - 07 February 2012
Bank of Commerce Holdings (NASDAQ: BOCH), an USD941m Redding, California-based financial services holding company, and parent company of Redding Bank of Commerce, Roseville Bank of Commerce, and Bank of Commerce Mortgage, has said that it has authorised the purchase of up to 1,019,490, or 6 percent of its outstanding shares over a twelve-month period.
'The stock repurchase plan provides us with an opportunistic and efficient tool to enhance shareholder value. From our perspective, current valuations and the board's confidence in the long-term financial outlook of the company provides management an excellent opportunity to buy back BOCH stock at attractive prices,' said Patrick J. Moty, president and chief executive officer of Bank of Commerce Holdings.
The stock repurchase plan authorises the bank to conduct open market purchases or privately negotiated transactions from time to time, depending on management's discretion and market conditions and other factors that warrant such purchases. Purchased shares will be held in treasury.
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