SALINAS, Calif., Dec. 03, 2021 (GLOBE NEWSWIRE) -- 1st Capital Bancorp (the “Company), (OTCQX: FISB), the $1 billion asset bank holding company and parent company of 1st Capital Bank (the “Bank”), announced today that its Board of Directors has adopted a Stock Repurchase Program, and authorized common stock repurchases of up to $5 million.
Share repurchases may be conducted through open-market transactions or privately negotiated transactions. The timing and amount of share repurchases will be subject to management’s discretion and various factors including the Company’s capital position, alternative uses of capital, financial performance, general market and economic conditions, and applicable legal requirements.
As part of the Stock Repurchase Program, the Company entered into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume, and timing restrictions.
The Stock Repurchase Program, which will expire on December 31, 2022, may be suspended, terminated, or modified at any time without notice.
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 1st Capital Bank. The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Company’s market areas; governmental regulation and legislation; credit quality; competition affecting the Company’s businesses generally; the risk of natural disasters and future catastrophic events including pandemics, terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Company 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. This news release is available at the www.1stCapital.bankinternet site for no charge.
For further information, please contact:
