First Choice Bancorp (FCBP) Adopts Stock Repurchase Program – Possibly Up To ~10% Of Outstanding Shares
First Choice Bancorp is the registered bank holding company for First Choice Bank. First Choice Bank, headquartered in Cerritos, California is a community-focused financial institution, serving diverse consumers and commercial clients and specializing in loans to small businesses, private banking clients, commercial and industrial (C&I) loans, and commercial real estate loans with a niche in providing finance for the hospitality industry. First Choice Bank is a Preferred Small Business Administration (SBA) Lender. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable their customers to grow, maintain strength, and achieve their business objectives. First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP”. First Choice Bank’s website is www.FirstChoiceBankCA.com.
FCBP announced today that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 1.2 million shares of its common stock, or approximately 10% of its outstanding shares. The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to 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 conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable requirements. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
To follow FCBP’s progress please visit the Vista Partners’ FCBP dedicated page which is updated daily.