National Capital Bancorp (OTC: NACB) Stock Jumps: Launches Share Buyback Program
There are some companies that are expected to be on the radars of investors on the final trading day of the week, and one of those is expected to be National Capital Bancorp Inc. (OTC Pink: NACB). Earlier on in the week, the company announced that its Board of Directors had approved a share repurchase program.
The Announcement
On February 26, that company announced a share repurchase program worth a maximum of $600,000. In the news release, National Capital Bancorp announced that it would make purchases at regular intervals both in the open market as well as through private transactions. That being said, it was also noted that no single transaction would exceed the purchase of 12000 shares at a time.
Further Details
National Capital Bancorp also stated that any transaction would be made only at the discretion of the management. Moreover, the timing of any transaction and the number of shares that would be repurchased as part of the program will be dependent on the market conditions as well as the trading price of the shares. Last but not least, the company would not be obligated to make any repurchases despite the existence of the program.
CEO Comment
“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.
