Bank of Commerce Holdings Announces Third Quarter Cash Dividend of $0.05 per Share and Share Repurchase Program
19 September 2019 - 2:00AM
Bank of Commerce Holdings (NASDAQ: BOCH) (the “Company”), a
$1.4 billion asset bank holding company and parent company of
Merchants Bank of Commerce (the “Bank”), today announced that the
Board of Directors has authorized a cash dividend of $0.05 per
share for the 2019 third quarter and has also adopted a share
repurchase program.
The $0.05 per share quarterly cash dividend will
be paid to shareholders of record as of October 1, 2019 and is
payable on October 11, 2019.
The stock repurchase program authorizes the
Company to purchase up to one million shares of its common stock
over a period ending March 31, 2020 and is effective immediately.
Purchases may be made in the open market, including in block
trades, or through privately negotiated transactions, from time to
time when management determines that market conditions and other
factors warrant such purchases. There is no guarantee as to the
exact number of shares to be purchased, and the stock repurchase
program may be modified, suspended, or terminated without prior
notice.
“The stock repurchase program provides us with
an opportunistic tool to enhance shareholder value and effectively
manage capital levels. The Board of Directors’ confidence in the
long-term intrinsic value of the Company motivated its approval of
this program to repurchase stock at favorable prices,” said Randall
S. Eslick, President and Chief Executive Officer.
About Bank of Commerce
Holdings
Bank of Commerce Holdings is a bank holding
company headquartered in Sacramento, California and is the parent
company for Merchants Bank of Commerce. The Bank is an FDIC-insured
California banking corporation providing community banking and
financial services in northern California from Sacramento to Yreka
along the Interstate 5 corridor. The Bank was incorporated as a
California banking corporation on November 25, 1981 and opened for
business on October 22, 1982. The Company’s common stock is listed
on the NASDAQ Global Market and trades under the symbol “BOCH”.
Forward-Looking StatementThis
news release includes statements by the Company regarding future
expectations and developments that are not based on historical
facts and are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21B of the Securities Exchange Act of 1934, as amended. Future
events are difficult to predict, and the expectations described
above are necessarily subject to risks and uncertainty that may
cause actual results to differ materially and adversely. Factors
that may affect the Company’s prospects are described in the
Company’s 2018 Annual Report on Form 10-K and other reports filed
with the Securities and Exchange Commission. Although
forward-looking statements help to provide complete information
about the Company, readers should keep in mind that forward-looking
statements are less reliable than historical information. The
Company undertakes no obligation to update or revise
forward-looking statements in this release to reflect events or
changes in circumstances that occur after the date of this
release.
Contact Information:
Randall S. Eslick, President and Chief Executive Officer
Telephone Direct (916) 677-5800
James A. Sundquist, Executive Vice President and Chief Financial Officer
Telephone Direct (916) 677-5825
Samuel D. Jimenez, Executive Vice President and Chief Operating Officer
Telephone Direct (530) 722-3952
Andrea M. Newburn, Vice President and Senior Administrative Officer / Corporate Secretary
Telephone Direct (530) 722-3959
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