REDDING, Calif., Aug. 21, 2013 /PRNewswire/ -- Patrick J. Moty, President & Chief Executive Officer of Bank of Commerce Holdings (NASDAQ:BOCH), a $956.6 million bank holding company, and parent company of Redding Bank of Commerce™, announced today that its Board of Directors has authorized the purchase of up to 1,000,000 or 7% of its outstanding shares over a twelve-month period.
"The newly authorized stock repurchase plan, the third in the last eighteen months, 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.
The stock repurchase plan is effective immediately and 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. The stock repurchase will be funded from existing cash balances.
About Bank of Commerce HoldingsBank of Commerce Holdings is a bank holding company headquartered in Redding, California and is the parent company for Redding Bank of Commerce™ which operates under two separate names (Redding Bank of Commerce™ and Roseville Bank of Commerce™, a division of Redding Bank of Commerce). The Bank is an FDIC insured California banking corporation providing commercial banking and financial services through 4 offices located in Northern California. The Bank opened on October 22, 1982. The Company's common stock is listed on the NASDAQ Global Market and trades under the symbol "BOCH".Investment firms making a market in BOCH stock are: