Seacoast Commerce Banc Holdings Announces Commencement of Stock Repurchase Program
SAN DIEGO, CA / ACCESSWIRE / January 6, 2020 / Seacoast Commerce Banc Holdings (OTC Pink:SCBH), the holding company of Seacoast Commerce Bank, announced today that its Board of Directors has authorized the adoption of a stock repurchase program. Under the stock repurchase program, Seacoast Commerce Banc Holdings may repurchase shares of its outstanding common stock at an aggregate purchase price not to exceed $5,000,000. Under the stock repurchase program, Seacoast Commerce Banc Holdings may acquire shares from time to time in the open market or through privately negotiated transactions, at the discretion of management, and on terms (including quantity, timing and price) that management determines to be necessary, appropriate or advisable. The repurchase program does not obligate Seacoast Commerce Banc Holdings to repurchase any specific number of shares and may be modified, suspended or discontinued at any time at the discretion of its Board of Directors without notice.
Richard M. Sanborn, President & Chief Executive Officer, commented “This stock repurchase program demonstrates the Board’s commitment to effectively managing capital for growth, as well as our commitment to shareholders. The decision to initiate the stock repurchase plan is supported by our strong financial performance and demonstrates our confidence in the Company’s future. We believe we can continue to invest in our growth, while maintaining financial flexibility and returning excess capital to shareholders through this buyback and cash dividends.”
About Seacoast Commerce Banc Holdings
Seacoast Commerce Banc Holdings: Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank. Both the holding company and the bank are headquartered in San Diego, California, with the Bank having four full-service banking branches in San Diego and Orange County, California, and loan and deposit production offices throughout Arizona, California, Colorado, Georgia, Illinois, Indiana, Massachusetts, Nevada, North Carolina, Ohio, Oregon, Texas, Utah, Virginia and Washington. For more information on Seacoast Commerce Banc Holdings or Seacoast Commerce Bank, please visit www.scbholdings.com or www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001, or .
This press release contains some non-GAAP financial analysis provided to supplement information regarding the Bank’s performance, and to enhance investors’ overall understanding of such financial performance. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such “forward-looking” statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance and regulatory matters.
Richard M. Sanborn
President & Chief Executive Officer
SOURCE: Seacoast Commerce Bank
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