-CommerceWest Bank announces stock repurchase plan.
Global Banking News - 10 February 2012
CommerceWest Bank has announced a plan to repurchase its stock.
The bank said that its board had authorised a stock repurchase programme worth USD0.35m, which would involve approximately 60,869 shares as of January 31, 2012. The deal is to be carried out either through open market or private transactions.
Ivo Tjan, chairman and CEO, said, 'The repurchase of stock supports the confidence that management has in our company today and in the future. We believe that the shares are undervalued and repurchasing them is an excellent vehicle for improving shareholder value.'
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