Core Viewpoint - California Bancorp has authorized an increase in its share repurchase program to 1.6 million shares, representing approximately 4.9% of its outstanding shares, indicating confidence in its banking strategy and commitment to long-term shareholder value [1][2]. Share Repurchase Program - The share repurchase program was initially set at 550,000 shares when announced on June 15, 2023, and has now been increased to 1.6 million shares [1]. - The repurchase may occur through open market transactions, privately negotiated transactions, or other means, funded by available working capital and cash from operating activities [2]. - The timing and number of shares repurchased will depend on various factors, including price, trading volume, and market conditions [2]. Financial Strategy - The company plans to redeem $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, which were issued on May 28, 2020 [3]. - The strong balance sheet and capital levels of the company provide flexibility for opportunistic capital deployment for share repurchases and debt repayment [2]. Company Overview - California Bancorp is a registered bank holding company headquartered in San Diego, California, with its subsidiary, California Bank of Commerce, offering a range of financial products and services [4]. - The bank operates through 14 branch offices and four loan production offices, focusing on a relationship-based banking approach [4].
CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM AND THE REDEMPTION OF SUBORDINATED NOTES