LAKE HAVASU CITY, Ariz., Sept. 7 /PRNewswire-FirstCall/ -- State Bank Corp. (BULLETIN BOARD: SBAZ) , parent company of Mohave State Bank, reported that its Board of Directors has approved a stock repurchase program, authorizing State Bank Corp. to repurchase up to 50,000 shares of its common stock over the next 6 months. The company expects the purchases to be made from time to time on the open market or in privately negotiated transactions.
"Our recently completed stock repurchase program was well accepted and provided value to our shareholders. We continue to see this as a great solution for the utilization of excess capital and as acting in the best interest of our shareholders. It makes even further sense at recent trading prices. When completed, this stock repurchase program and the one recently completed will ultimately buy-back almost 2% of our outstanding shares," stated Ralph E. Tapscott, Chief Executive Officer.
The timing of the share repurchases under the program will depend on a variety of factors, including stock market conditions and may be suspended or discontinued ant any time. We anticipate that common stock acquired through the repurchase program will be retired.
Established in 1991, Mohave State Bank offers a variety of loan and deposit products dedicated to serving the needs of individuals and small businesses. It currently operates through four conveniently located branches throughout Mohave County, Arizona and a loan production office in Yuma, Arizona.
This press release may include forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
Contact: Ralph Tapscott/ Vic Berbano Phone: (928) 855-0000 http://www.mohavestbank.com/
