TINTON FALLS, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Community Partners Bancorp (Nasdaq:CPBC), (the "Company"), the parent company of Two River Community Bank ("Two River"), today announced that the Board of Directors approved and authorized a share repurchase program (the "2013 Program"). The 2013 Program authorizes the repurchase of up to 5% of the outstanding shares of the Company's common stock, or approximately 399,200 shares based on the 7,983,778 shares outstanding as of December 31, 2012, provided that the aggregate amount that the Company may spend on such repurchases is limited to $2.2 million.
"The positive financial track record our Company has reported over the last 12 quarters, coupled with the fact that our common stock is currently trading at a discount to tangible book value, prompted our Board of Directors to initiate a repurchase program," said William D. Moss, President and Chief Executive Officer. "We believe that the current market value of the Company's stock is not reflective of the Company's value and this program provides an excellent tool for optimizing our use of capital with the goal of providing value to our shareholders."
The program will commence after the blackout period ends following the release of the Company's results of operations for the period ended December 31, 2012 and will continue until the earlier of the completion of the repurchase or January 24, 2014.The repurchases will be made from time to time by the Company in the open market as conditions allow, or in privately negotiated transactions. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods. All repurchased shares will be held as treasury shares and may be reissued under the Company's 2007 Equity Incentive Plan or for other corporate purposes.