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BayCom Corp (NASDAQ:BCML) ("BayCom" or the "Company"), the parent company of United Business Bank, today announced that its Board of Directors (the "Board") declared a quarterly cash dividend of $0.10 per share on the Company's outstanding common stock. The cash dividend will be payable on October 13, 2023, to shareholders of record as of the close of business on September 15, 2023.
The Company today also announced that the Board approved the Company's eighth stock repurchase program, which authorizes the repurchase of up to 588,000 shares of the Company's common stock, or approximately 5% of currently outstanding shares, over a one-year period, through open market purchases, privately-negotiated transactions, block purchases or otherwise, in accordance with federal securities laws and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as applicable. The new stock repurchase program will commence upon completion of the Company's seventh stock repurchase program, which will expire on April 21, 2024, or earlier if all the shares have been repurchased. As of the date hereof, 42,572 shares remain available for future repurchases under the Company's seventh stock repurchase program.
The timing of repurchases, and the number and price of shares repurchased, will depend on a number of factors, including, but not limited to, the terms of any Rule 10b5-1 trading plan adopted by the Company, general business and market conditions, and alternative investment opportunities. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.
Posted In: BCML
