Bank Of Commerce Holdings Announces New 1 Mln Shares Repurchase Program

(RTTNews) - Bank of Commerce Holdings (BOCH), the parent company of Redding Bank of Commerce, said Wednesday that its Board of Directors has authorized the purchase of up to 1 million or 7% of the company's outstanding shares over a twelve-month period.

"The newly authorized stock repurchase plan, the third in the last eighteen months, continues to provide us with 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," said Patrick Moty, President and Chief Executive Officer.

The stock repurchase plan is effective immediately, and the repurchases will be funded from existing cash balances.