IRVINE, Calif.--(BUSINESS WIRE)--Pacific Enterprise Bancorp (OTC: PEBN), the holding company for Pacific Enterprise Bank, announced today that its Board of Directors has initiated a stock repurchase program.
Under the stock repurchase program, Pacific Enterprise Bancorp may repurchase up to 50,000 shares of its common stock, or approximately 1.7% of the currently outstanding shares. Unless extended by the Board of Directors, the stock repurchase program will terminate on the first anniversary of its adoption.
“This stock repurchase program demonstrates our confidence in the strength of our business and commitment to delivering value for our shareholders,” said Brian Halle, Pacific Enterprise Bancorp’s President and Chief Executive Officer.
Under the stock repurchase program, Pacific Enterprise Bancorp may acquire shares from time to time in the open market or through privately negotiated transactions, at the discretion of management, and on terms (including quantity, timing and price) that management determines to be necessary, appropriate or advisable. The repurchase program does not obligate Pacific Enterprise Bancorp to repurchase any specific number of shares and may be modified, suspended or discontinued at any time at the discretion of the its Board of Directors without notice.
About Pacific Enterprise Bancorp
Pacific Enterprise Bancorp is a bank holding company organized under the laws of the state of California. Its banking subsidiary, Pacific Enterprise Bank, is a California state-chartered bank. As of December 31, 2018, Pacific Enterprise Bancorp had consolidated total assets of $500.8 million, total loan balances of $389.4 million, and total deposits of $415.6 million. Additional information about Pacific Enterprise Bancorp may be found at http://www.pacificenterprisebank.com or by calling (949) 623-7600.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the federal securities law which are based on our current expectations and assumptions and which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, projected or implied, including, among other things, the risk that the stock repurchase program may not be completed as planned on a timely basis or at all. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.