REDDING, Calif., Feb. 7, 2012 /PRNewswire/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ: BOCH), a $941 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ announced today that its Board of Directors has authorized the purchase of up to 1,019,490 or 6% of its outstanding shares over a twelve-month period.
"The stock repurchase plan provides us with an opportunistic and efficient tool to enhance shareholder value. From our perspective, current valuations and the Board's confidence in the long-term financial outlook of the company provides management an excellent opportunity to buy back BOCH stock at attractive prices," said Patrick J. Moty, President and Chief Executive Officer of Bank of Commerce Holdings.
The stock repurchase plan authorizes the Company to conduct open market purchases or privately negotiated transactions from time to time when, at management's discretion, it is determined that market conditions and other factors warrant such purchases. Purchased shares will be held in treasury. There is no guarantee as to the exact number of shares to be purchased, and the stock repurchase plan may be modified, suspended, or terminated without prior notice.
About Bank of Commerce HoldingsWith assets of $941 million, Bank of Commerce Holdings, with administrative offices in Redding, California is a bank holding company that owns Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™. The bank is a federally insured California banking corporation providing commercial banking and financial services through 4 offices located in Northern California. The Bank opened on October 22, 1982. BOCH is a NASDAQ Global Market listed stock. Please contact your local investment advisor for purchases and sales. Forward-Looking Statements