LOS ANGELES - RBB Bancorp (NASDAQ: RBB) has announced the initiation of a stock repurchase program. The financial holding company's Board of Directors has authorized the buyback of up to 1,000,000 shares of its common stock, which equates to approximately 5% of its outstanding shares. This repurchase is scheduled to be active through March 31, 2026.
The repurchase program will allow the company to acquire shares via open market or private transactions, including block trades, and may also use a trading plan in accordance with Securities and Exchange Commission Rules 10b5-1 and 10b-18.
The program's flexibility permits modifications, suspensions, or terminations at any time based on a variety of factors such as market conditions, share repurchase costs, alternative investment opportunities, liquidity, and other factors that the company may deem appropriate.
RBB Bancorp, a community-based financial holding company headquartered in Los Angeles, California, reported total assets of $4.0 billion as of December 31, 2023. The company operates through its subsidiaries, including Royal Business Bank and RBB Asset Management Company.
Royal Business Bank provides a range of business banking services to the Asian communities across various regions, including Los Angeles County, Orange County, and Ventura County in California, Las Vegas, Nevada, New York City, Edison, New Jersey, Chicago, Illinois, and Oahu, Hawaii.
Among the services offered are remote deposit, electronic banking, mobile banking, real estate loans, business loans, credit lines, SBA loans, residential loans, auto lending, trade finance, depository products, and wealth management services.
The company's stock repurchase program does not obligate RBB Bancorp to acquire any specific number of shares. It is a common corporate practice that can be used to return value to shareholders, neutralize the dilution from stock options, or improve financial ratios.
This announcement is based on a press release statement from RBB Bancorp.
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