WALNUT CREEK, Calif., Oct. 27, 2015 (GLOBE NEWSWIRE) — Bay Commercial Bank (OTCQB:BCML) (the “Bank”) today announced its plans to repurchase up to 284,000 shares of the Company’s outstanding common stock or approximately 5% of the total outstanding common stock.
The Bank has engaged Wedbush Securities and FIG Partners LLC as brokers to administer the repurchase program. Interested shareholders should contact Mr. Joey Warmenhoven, Managing Director, Investments, Wedbush Securities at (866) 662-0351 toll free or (503) 922-4888 direct or Mr. Timothy Padala, Senior Vice President, FIG Partners LLC at (844) 273-2189 toll free or (732) 741-3906 direct. Mr. Warmenhoven’s email address is firstname.lastname@example.org and Mr. Padala’s email is email@example.com.
George J. Guarini, Chief Executive Officer of the Bank, stated “In light of the current and projected capital position and the Bank’s projected capital needs for operations in accordance with its business plan, the proposed repurchase is a prudent use of the Bank’s capital. We believe this is an opportune time for the Bank to repurchase the shares to support growth in the price of the Bank’s stock as it reduces the number of shares outstanding, increases earnings per share and Return on Equity.”
Bay Commercial Bank offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates throughout the Greater Bay Area. Bay Commercial Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. The Bank has ten full service branches in Northern California. Bay Commercial Bank is a member of FDIC and is an Equal Housing Lender. It is traded on OTCQB under the symbol BCML. The Bank can be found on the web at www.baycommercialbank.com.
The Bank has made forward-looking statements in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning the Bank’s possible or assumed future results of operations. Also, when the Bank uses such words as “believe,” “expect,” “anticipate,” “plan,” “could,” “intend,” or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank’s actual results could differ materially from those expressed in any forward-looking statements as a result of certain factors, including (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the markets served by the entities, (4) other-than-expected credit losses due to adverse changes in the economy, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) unexpected difficulties in the post-merger integration, and (7) legal, tax and accounting changes. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Bay Commercial Bank, Walnut Creek, California Keary Colwell, 925-476-1800 firstname.lastname@example.org