The board of American River Bankshares, parent of Rancho Cordova's American River Bank, has authorized a stock repurchase program for 2013.
The program authorizes the repurchase during 2013 of up to 10 percent of the outstanding shares of the company's common stock, about 932,800 shares as of Dec. 19.
ARB previously authorized a stock repurchase program in January this year after a three-year hiatus with a repurchase target of 5 percent, subsequently increased to 6 percent in June.
"We continue to believe that the current market value of American River Bankshares stock is not reflective of the company's value, and a repurchase program is the best approach at this point in time to provide value to our shareholders while maximizing the company's strategic position," said David Taber, president and CEO.
Repurchases under the new program will commence sometime after release of the company's results for the period ended Dec. 31.
The banking company also oversees branches in Sonoma and Amador counties.