American River Bankshares Expands Its Stock Repurchase Program
American River Bankshare zu myNews hinzufügen Was ist das?
American River Bankshares (NASDAQ: AMRB) today announced that it intends
to expand its stock repurchase plan beyond its original 5% target by
repurchasing additional shares of the Company’s
common stock. The expanded repurchase plan would allow the Company to
purchase additional shares up to $2 million of its common stock.
In January 2007, American River Bankshares reaffirmed its intent to
repurchase up to 5% of its outstanding shares of common stock annually
as part of the Company’s commitment to provide
value to the shareholders of American River Bankshares, which also
includes strong earnings, cash and stock dividends.
American River Bankshares expects to meet its original 5% target under
the existing repurchase plan during the month of October 2007 and at
that time, will continue to repurchase shares in line with the expanded
plan. Year to date, the Company has repurchased 239,000 shares of its
common stock totaling $5,943,000.
The shares may be purchased from time to time in the open market
depending upon market conditions and other factors. The authorization to
repurchase Company stock expires on December 14, 2007. As of September
30, 2007, the Company had 5,471,194 shares of common stock outstanding.
Repurchases will be made under the program using the Company's own cash
resources and will be in accordance with Rule 10b-18 under the
Securities Exchange Act of 1934 and other applicable laws, rules and
regulations.
The expanded repurchase program does not obligate the Company to acquire
any particular amount of common stock and the program may be modified or
suspended at any time at the Company's discretion. It is the Company’s
intent to continue to repurchase up to 5% of its outstanding shares of
its common stock annually starting once again in 2008.
About American River Bankshares
American River Bankshares (NASDAQ: AMRB) is the parent company of
American River Bank ("ARB”),
a community business bank serving Sacramento, CA that operates a family
of financial services providers, including North Coast Bank [a
division of "ARB”]
in Sonoma County and Bank of Amador [a
division of "ARB”]
in Amador County. For more information, please call 916-231-6700 or
visit www.amrb.com; www.americanriverbank.com;
www.northcoastbank.com; or www.bankofamador.com.
Forward-Looking Statement
Certain statements contained herein are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve risks
and uncertainties. Actual results may differ materially from the results
in these forward-looking statements. Factors that might cause such a
difference include, among other matters, changes in interest rates,
economic conditions, governmental regulation and legislation, credit
quality, and competition affecting the Company’s
businesses generally; the risk of natural disasters and future
catastrophic events including terrorist related incidents; and other
factors discussed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2006, and in reports
filed on Form 8-K. The Company does not undertake any obligation to
publicly update or revise any of these forward-looking statements,
whether to reflect new information, future events or otherwise.
