West Coast Community Bancorp Announces Share Repurchase Program

(NASDAQ:WCCB) West Coast Community Bancorp announced that its Board of Directors has approved a new share repurchase program. The program authorizes the Company to repurchase up to $25 million of its common stock in the open market or through privately negotiated transactions. The share repurchase program expires on December 31, 2028. The Company is not obligated to repurchase any specific number of shares under the program. The timing, price, and actual number of shares repurchased will be at the discretion of the Company and will depend on factors such as general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors. Krista Snelling, Chairman and Chief Executive Officer of West Coast Community Bancorp, stated that the share repurchase program reflects confidence in the strength of the balance sheet and the long-term value of the Company, and represents a disciplined and strategic use of capital to enhance shareholder value while maintaining flexibility to invest in future growth. The Company intends to fund repurchases from its internal funds, supplemented as needed by a dividend from West Coast Community Bank. Repurchases will be executed in compliance with applicable federal and state securities laws and bank regulations, including Rules 10b-18 and 10b5-1 under the Securities Exchange Act of 1934, as amended. The stock repurchase program may be suspended, terminated, or modified at any time without notice. The program is subject to customary regulatory approvals or non-objections.