SACRAMENTO, Calif. and VISALIA, Calif., Jan. 16, 2020 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK), today announced that its Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to $5.0 million of its outstanding common stock. The program has been approved by both the California Department of Business Oversight and the Federal Deposit Insurance Corporation.
"As we continue to build our business, we will maintain a sensible and well-balanced approach to capital management that supports our organic objectives, preserves our ability to be acquisitive, and creates additional shareholder value through initiatives such as this repurchase program," said Ciaran McMullan, Suncrest Bank's President and Chief Executive Officer.
The timing, price and volume of the repurchases will be determined by Bank management based on its evaluation of market conditions and other relevant factors. The repurchase program does not obligate Suncrest Bank to repurchase any specific number of shares and may be modified, suspended or discontinued at any time at the discretion of its Board of Directors without notice.
About Suncrest Bank
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California and Greater Sacramento region. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 and 2018 was named to the OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the risk that the stock repurchase program may not be completed as planned on a timely basis or at all; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.
SOURCE Suncrest Bank