Premier Valley Bank repurchasing $1.5M of its stock
- Published on 06/12/2012 - 2:14 pm
- Written by Business Journal staff
Premier Valley Bank of Fresno will buy back as much as $1.5 million of its common stock over the next 12 months, the bank announced today.
The repurchase plan will include as much as 250,000 shares, or 2 percent of the bank’s total common shares.
“The stock repurchase plan is being adopted to allow management continued flexibility to optimize the Bank’s capital management strategies,” said J. Mike McGowan, president and CEO, in a release. “Stock repurchases, coupled with PVB’s pattern of cash dividends, are clear indicators of our strong capital position.”
The bank plans to purchase the stock on the open market or through private negotiations.
Premier Valley Bank has five branch locations throughout the San Joaquin Valley. The bank earned $5.91 million in 2011, up from $3.40 million in 2010.