Pacific City Financial announces $6.5M stock repurchase plan.
Pacific City Financial, the bank holding company for Pacific City Bank, announced that on March 28, 2019, its board approved the repurchase of up to $6.5M of the company's common stock through March 27, 2020. Under the stock repurchase program, the company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions As part of the stock repurchase program, the company is entering into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume and timing restrictions.
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|Date:||Apr 1, 2019|
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