National Capital Bancorp Inc. (OTC: NACB) Stock Gains Momentum After Share Repurchase Program

Share repurchase programs almost always lead to greater focus on companies, and this week such an announcement may bring the National Capital Bancorp Inc. (OTC: NACB) onto the radars of investors in a big way. In this feature, we will take a closer look at the announcement made by the company yesterday.

Share Buyback Details

In the news release from the company yesterday, it was revealed that the board of directors of National Capital Bancorp had approved a share repurchase program. The company, which is the parent company of The National Capital Bank of Washington, would repurchase shares worth a maximum of $600,000 under the provisions of the program. The program would allow for the purchase of shares at regular intervals from open market transactions as well as through private transactions.

Further Information

However, National Capital Bancorp also noted that the aggregate number of common shares purchased in a single transaction would not be more than 12000 shares at a time. The repurchases, if any, would only be made at the exclusive discretion of the National Capital Bancorp management. At this point it is going to be interesting to see if the stock gets any traction in light of the latest announcement.

CEO Quote

“We are excited to announce approval of the share repurchase program, which we believe will be beneficial to the company and its continuing shareholders and a good use of excess capital,” said Bank CEO Jimmy Olevson.