First Commerce Bancorp, Inc., Announces Continuation of Stock Repurchase Plan
LAKEWOOD, NJ / ACCESSWIRE / February 1, 2024 / First Commerce Bancorp, Inc., (the "Company") (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today announced that the Board of Directors has approved the continuation of its ongoing stock repurchase plan in order to repurchase up to an additional 5% of its outstanding shares of common stock, for an aggregate repurchase of 10%, or approximately 2.4 million shares, of its common stock. This represents a continuation of the Company's first stock repurchase program since completing its holding company reorganization on May 31, 2023.
Shares may be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
The repurchase program has no expiration date and may be suspended, terminated or modified at any time and for any reason. The timing and amount of any repurchases will depend on a number of factors including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be made in accordance with applicable legal requirements. The Company is not obligated to repurchase any particular number of shares in any specific time period, and there is no guarantee as to the exact number of shares to be repurchased by the Company.
President & CEO Donald Mindiak commented, "We are heartened by the results of the initial stock repurchase plan where to date, we have repurchased approximately 1.2 million shares of our common stock at an average price of $6.70/share, fully $1.36 less than our book value per share of $8.06 at December 31, 2023. As such, these transactions have been accretive to our book value per share calculation since they were all accomplished at a discount to our book value. We will continue to engage in this initiative and explore additional opportunities that enhance both franchise and shareholder value."
About First Commerce Bancorp, Inc.
First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company's wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Montvale, Robbinsville and Teaneck, New Jersey. For more information, please go to www.firstcommercebk.com.
Forward-Looking Statements
This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank's investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the effects of the recent turmoil in the banking industry (including the failures of two financial institutions); inflation; customer acceptance of the Bank's products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms and the impact of a potential shutdown of the federal government.
CONTACT:
Donald Mindiak
President and Chief Executive Officer
First Commerce Bancorp, Inc.
105 River Avenue
Lakewood, NJ 08701-4267
(732) 719-3837
dmindiak@firstcommercebk.com
SOURCE: First Commerce Bancorp, Inc.
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