TriCo Bancshares Declares Quarterly Dividend and Announces Expanded Share Repurchase Program
November 12 2019 - 9:00AM
Business Wire
The Board of Directors of TriCo Bancshares (NASDAQ: TCBK) (the
“Company”), parent company of Tri Counties Bank, declared a
quarterly cash dividend of $0.22 (twenty-two cents) per share on
its common stock, no par value on November 5, 2019. The dividend is
payable on December 30, 2019 to holders of record on December 13,
2019.
In addition, the Board approved the authorization to repurchase
up to 1,525,000 shares of the Company’s common stock, no par value
per share which approximates 5% of the currently outstanding common
shares. The Company’s repurchase program adopted on August 21, 2007
was terminated.
The actual timing of any share repurchases will be determined by
the Company's management and therefore the total value of the
shares to be purchased under the program is subject to change.
Based on the closing price of the Company's stock on November 8,
2019 of $38.35, the repurchase of all shares authorized under the
Share Repurchase Program would represent approximately $58.5
million in value.
The Company presently expects to repurchase outstanding shares
from time to time (i) to generally offset the dilutive impact of
employee stock-based compensation plans, including option exercises
and restricted unit vesting, and (ii) to reduce share count via
share repurchases as and when attractive opportunities arise. The
amount and timing of future repurchases may vary depending on
applicable legal requirements, market conditions and the Company's
financial performance and capital planning considerations. The
repurchase program does not include specific price targets; may be
executed through open market purchases, through privately
negotiated transactions, utilizing Rule 10b5-1 plans or otherwise;
and may be suspended under certain conditions. Any repurchased
shares will be retired.
Established in 1975, Tri Counties Bank is a wholly-owned
subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in
Chico, California, providing a unique brand of customer Service
with Solutions available in traditional stand-alone and in-store
bank branches in communities throughout Northern and Central
California. Tri Counties Bank provides an extensive and competitive
breadth of consumer, small business and commercial banking
financial services, along with convenient around-the-clock ATM,
online and mobile banking access. Brokerage services are provided
by the Bank’s investment services through affiliation with Raymond
James Financial Services, Inc. Visit www.TriCountiesBank.com to
learn more.
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Peter G. Wiese Executive Vice President & CFO (530)
898-0300
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