Private Bancorp of America, Inc. Announces Stock Repurchase Program
Private Bancorp of America, Inc. (OTCQX:PBAM) has recently announced some exciting news from its Board of Directors regarding a stock repurchase program. The company has authorized entering into a written stock repurchase agreement with a broker-dealer, marking a strategic move to bolster shareholder value.
Details of the Stock Repurchase Plan
This newly adopted repurchase program permits the allocation of up to $5 million for purchasing shares. These transactions will occur through privately negotiated deals as well as in the open market. The implementation of this agreement is expected to continue through the end of this calendar year, providing flexibility in managing the repurchase of shares.
About Private Bancorp of America, Inc.
Private Bancorp of America serves as the holding company for CalPrivate Bank, a financial institution known for its personalized banking services. With locations spread across various cities, including Coronado and Newport Beach, the bank focuses on meeting the unique needs of high-net-worth individuals and businesses. Their commitment extends beyond traditional banking as they deliver innovative solutions and foster strong client relationships.
Commitment to Customer Excellence
CalPrivate Bank prides itself on offering a distinctly different banking experience, greatly focused on superior customer service. The institution is recognized for ranking amongst the highest in customer satisfaction surveys across the nation, underscoring its dedication to fulfilling clients' evolving needs through innovative solutions and advanced technologies.
The bank’s arsenal of offerings includes comprehensive deposit and treasury services as well as various lending options, all aimed at driving client performance and success. From creative loan solutions to cross-border banking, CalPrivate Bank is well-equipped to address the diverse financial needs of its clientele.
A Legacy of Recognition and Achievement
CalPrivate Bank has garnered prestigious accolades, including being named the 10th best bank in the country by Bank Director's RankingBanking. It also achieved the title of the top bank in its asset class for both return on assets (ROA) and return on equity (ROE). Such achievements paint a promising picture of the bank’s stability and industry standing.
Technological Innovations in Banking
With a strong emphasis on technology, CalPrivate Bank continues to integrate cutting-edge digital solutions aimed at enhancing the banking experience. Their approach not only caters to immediate banking needs but also anticipates future client demands, ensuring that the bank remains relevant and effective in a rapidly changing financial landscape.
Investor Relations Contacts
For more information on the bank’s operations or the stock repurchase program, interested parties can reach out to the following representatives:
Richard L. Sowers
President and CEO
Private Bancorp of America, Inc.
(424) 303-4894
Cory Stewart
Chief Financial Officer
Private Bancorp of America, Inc.
(206) 293-3669
Frequently Asked Questions
What is the purpose of the stock repurchase program?
The stock repurchase program aims to enhance shareholder value by buying back shares, which can positively impact the stock price.
How will shares be repurchased?
Shares will be repurchased through privately negotiated transactions and in the open market, providing flexibility.
What benefits does CalPrivate Bank offer its clients?
CalPrivate Bank offers personalized banking solutions, extensive deposit and treasury services, and innovative lending options tailored for high-net-worth individuals and businesses.
Where is CalPrivate Bank headquartered?
CalPrivate Bank operates through several offices and extensive digital banking services, primarily in California.
Who should I contact for more information about the company?
For further inquiries, you can reach out to Richard L. Sowers, the President and CEO, or Cory Stewart, the CFO, using the provided contact details.
