The board of directors of Redding-based Bank of Commerce Holdings, parent of Roseville Bank of Commerce, has authorized the purchase of up to 1 million, or 6 percent, of its outstanding shares over a 12-month period.
Patrick Moty, president and CEO, called the plan "an opportunistic and efficient tool to enhance shareholder value. Current valuations and the board's confidence in the long-term financial outlook of the company provide management an additional opportunity to buy back BOCH stock at attractive prices."
Open market purchases may be conducted at various times, based on market factors. The stock repurchase plan also can be modified, suspended or terminated without prior notice.
BOCH currently lists assets of $979 million.
– Mark Glover