Mission Bancorp (OTCMKTS:MSBC) Announces Stock Repurchase Plan

Mission Bancorp (OTCMKTS: MSBC) is moving in a range after announcing that it entered a Rule 10b5-1 Plan on April 28, 2022, facilitating a common stock repurchase program. The 2022 10b5-1 Plan provides for a maximum of $1 million of Mission Bancorp common shares to be repurchased by the bank holding firm and Mission Bank’s parent.

Market Stats     

On Friday, MSBC stock ended flat at $84 with more than 110 shares, compared to its average volume of 313 shares. The stock moved within a range of $84.00 – 84.00 after opening trading at $84.

Key Details

The Plan is expected to expire on October 28, 2022, and Mission Bancorp could discontinue or suspend the Plan at any moment. The company’s agent in the share repurchase is Hiltop Securities Inc. which is expected to purchase the stock on pre-defined terms according to the 2022 10b5-1 Plan.

Besides Mission Bank, Mission Bancorp is also the parent holding firm of three other wholly-owned subsidiaries, including Mission Community Development LLC, Mission 1031 Exchange LLC, and Nosbig 88 Inc. The company is headquartered in Bakersfield, California, and it has eight business banking centres that serve the greater regions of Lancaster, Bakersfield, San Luis Obispo, Ventura and Ridgecrest, California. So in the coming weeks, investors should watch MSBC.

Traders Corner

MSBC stock is trading above the 20-Day and 50-Day Moving averages of $81.15 and $79.01 respectively. Moreover, the stock is trading above the 200-Day moving average of $80.05.