AltaPacific Bancorp Announces Share Repurchase Program
May 04 2012 - 7:30PM
Business Wire
AltaPacific Bancorp (OTCBB:ABNK), the parent company of
AltaPacific Bank, today announced that its Board of Directors has
authorized the repurchase of up to $1 million dollars of its
outstanding common shares through April 30, 2013.
Purchases made pursuant to the program will be made in either
the open market or in privately negotiated transactions from time
to time as permitted by federal securities laws and other legal
requirements. The timing, manner, price and amount of any
repurchase will be determined by the Company in its discretion and
will be subject to economic and market conditions, stock price,
applicable legal requirements and other factors. The program may be
suspended or discontinued at any time.
Charles O. Hall, President and Chief Executive Officer,
commented, “The primary role of the repurchase program is to
provide a tool to assist with the management of the Company's
capital position, while also providing liquidity for shareholders.”
Continuing, Mr. Hall stated, “This announcement also demonstrates
the Board's confidence in the Company's strategy, growth
opportunities and financial strength.”
About AltaPacific Bancorp and AltaPacific Bank:
AltaPacific Bancorp is the parent company for AltaPacific Bank.
The Company’s stock trades over the counter under the symbol ABNK.
AltaPacific Bank is an independent business bank headquartered in
Santa Rosa, California and has offices in Santa Rosa, Rancho
Cucamonga and Covina, California. The bank is focused on meeting
the specialized needs of small to medium-sized businesses and
professionals throughout California. For additional information,
please contact us at (707) 236-1500 or online at
www.apbconnect.com.
Forward-Looking Statements
This press release contains forward-looking statements. These
forward-looking statements involve risks and uncertainties and are
based on the beliefs and assumptions of the management of
AltaPacific Bancorp and its subsidiary AltaPacific Bank and on
information available to management at the time these statements
were made. There are a number of factors, many of which are beyond
AltaPacific's control, which could cause actual conditions, events
or results to differ significantly from those described in the
forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) competitive pressures among depository and other
financial institutions may increase significantly; (2) revenues may
be lower than expected; (3) changes in the interest rate
environment may reduce interest margins; (4) general economic
conditions, either nationally or regionally, may be less favorable
than expected, resulting in, among other things, a deterioration in
credit quality and/or a reduced demand for credit; (5) legislative
or regulatory changes, including changes in accounting standards
and tax laws, may adversely affect the businesses in which
AltaPacific is engaged; (6) competitors may have greater financial
resources and develop products that enable such competitors to
compete more successfully than AltaPacific; and (7) adverse changes
may occur in the securities markets or with respect to inflation.
Forward-looking statements speak only as of the date they are made.
Except as required by law, AltaPacific does not undertake to update
forward-looking statements to reflect subsequent circumstances or
events.