OAK RIDGE, N.C., Nov. 28, 2016 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. ("Oak Ridge"; the "Company") (OTC:BKOR), the parent company of Bank of Oak Ridge (the "Bank"), announced today that its Board of Directors has approved a stock repurchase program. Under this program, the Company may repurchase up to 100,000 shares of its common stock, from time to time. The repurchase program permits shares to be repurchased in open market, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases may be made at management's discretion at prices management considers to be attractive, subject to the availability of stock, general market conditions, the applicable trading price, future alternative advantageous uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. "The Board's adoption of this repurchase program is an important option within our overall capital management strategy and reflects our commitment to maximize shareholder returns and proactively manage capital," said President and Chief Financial Officer Tom Wayne. The repurchase program has an initial term of one year and may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. Any shares acquired will be cancelled and become authorized but unissued shares, available for future issuance.