OAKLAND, Calif., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Bay Community Bancorp, (OTCPink: CBOBA) (the “Company”), parent company of Community Bank of the Bay, today announced the completion of a repurchase of 280,000 shares of Series A Voting Common Stock at a purchase price of $8.10 per share in a privately negotiated transaction with an institutional investor.
"We appreciate the opportunity to work directly with one of our long-term institutional investors on this transaction. This share repurchase is made possible by the Bank’s consistent operating performance, and we believe it will immediately enhance shareholder value," stated William S. Keller, President and CEO. “Along with last year’s initiation of a quarterly cash dividend, this repurchase provides us with another opportunity to recognize and reward our loyal shareholders, including many who were instrumental in the bank’s founding twenty-six years ago.”
The share repurchase was authorized by the Board of Directors and was executed in compliance with applicable laws.
About Bay Community Bancorp
Bay Community Bancorp (OTCPink: CBOBA) is the parent company of Community Bank of the Bay, a San Francisco Bay Area commercial bank with full-service offices in Oakland, Danville and San Mateo. Community Bank of the Bay serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with full-service branches in Danville and San Mateo. It is California’s first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Bay Area. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at www.BankCBB.com.
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Contacts: William S. Keller, President & CEO