REDDING, Calif., Jan. 16, 2013 /PRNewswire/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ:BOCH), a $979 million holding company, and parent company of Redding Bank of Commerce™ and Roseville Bank of Commerce™, announced today that its Board of Directors has authorized the purchase of up to 1,000,000 or 6% of its outstanding shares over a twelve-month period.
"This newly authorized stock repurchase plan continues to provide us with an opportunistic and efficient tool to enhance shareholder value. Current valuations and the Board's confidence in the long-term financial outlook of the company provide management an additional 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. 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 $979 million, Bank of Commerce Holdings, with administrative offices in Redding, California, is a bank holding company that owns Redding Bank of Commerce™ and Roseville Bank of Commerce™. 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