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SANTA CRUZ, Calif., May 6, 2025 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp"; OTCQX: SCZC), the parent company of West Coast Community Bank, today announced its Board of Directors recently approved a new share repurchase program. Under the share repurchase program, Bancorp is authorized to repurchase up to $10 million of common stock in the open market or through privately negotiated transactions, as market conditions warrant, but does not obligate Bancorp to repurchase any specified number of shares.
The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of Bancorp and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities and other factors. The share repurchase program expires June 30, 2026.
"This share repurchase program reflects our confidence in the strength of our balance sheet and the long-term value of our company," said Stephen Pahl, Chairman of the Board of Directors. "The program represents a disciplined and strategic use of capital, reinforcing our commitment to enhancing shareholder value while maintaining the flexibility to invest in future growth."
Bancorp intends to fund repurchases from its presently held internal funds, supplemented as needed by a dividend from West Coast Community Bank, and to execute repurchases in compliance with applicable federal and state securities laws and bank regulations, including without limitation, Rules 10b-18 and 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The stock repurchase program may be suspended, terminated or modified at any time without notice.
ABOUT WEST COAST COMMUNITY BANK AND WEST COAST COMMUNITY BANCORP
Founded in 2004, West Coast Community Bank (formerly Santa Cruz County Bank and its division, 1st Capital Bank – the "Bank") is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in Santa Cruz, Calif. with branches in Aptos, Capitola, Cupertino, King City, Monterey, Salinas, San Luis Obispo, Santa Cruz, Scotts Valley and Watsonville. West Coast Community Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley. As a full-service bank, West Coast Community Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, West Coast Community Bank has supported regional well-being by actively participating in and donating to local nonprofit organizations. Visit wccb.com for more information.