Discover the Latest Financial Moves: BayCom Corp's Dividend Declaration and Stock Repurchase Program
BayCom Corp (BCML), the holding company of United Business Bank, has recently made significant announcements regarding its financial initiatives. The company's Board of Directors has declared a quarterly cash dividend of $0.10 per share on its outstanding common stock. Additionally, BayCom Corp has introduced its eighth stock repurchase program, demonstrating its commitment to enhancing shareholder value.
BayCom Corp's Board of Directors has given the green light for a quarterly cash dividend of $0.10 per share on the company's common stock. Shareholders of record as of September 15, 2023, will receive the dividend payment on October 13, 2023. This strategic move not only rewards existing shareholders but also underscores BayCom's stable financial position and confidence in its future growth prospects.
In another development, BayCom Corp's Board has approved the initiation of the company's eighth stock repurchase program. Under this program, BayCom is authorized to repurchase up to 588,000 shares of its common stock, which represents roughly 5% of the currently outstanding shares. The repurchases will take place over a one-year period and may involve various methods such as open market purchases, privately-negotiated transactions, and block purchases.
The commencement of this stock repurchase program is set to follow the completion of BayCom's seventh stock repurchase program, scheduled to expire on April 21, 2024. As of the present date, there are still 42,572 shares available for repurchase under the ongoing seventh program. This move demonstrates BayCom's intent to efficiently manage its capital allocation and return excess funds to its investors.
The timing and extent of the stock repurchases will be influenced by a range of factors. These include the company's adoption of any Rule 10b5-1 trading plan, overall market conditions, general business considerations, and alternative investment prospects. It's important to note that the share buyback program does not impose any obligatory obligation on BayCom to acquire a specific number of shares within a particular timeframe. This flexibility allows the company to adapt its repurchase strategy based on evolving circumstances.
BayCom Corp's recent announcements of both the quarterly dividend and the expansion of its stock repurchase program underscore the company's dedication to delivering value to its shareholders. By returning capital through dividends and executing stock buybacks, BayCom aims to align its financial strategies with its shareholders' interests, fostering trust and confidence in its long-term growth prospects.
As the company navigates the ever-changing landscape of the financial market, these initiatives serve as a testament to BayCom Corp's commitment to prudent financial management and sustained shareholder value enhancement. Investors and stakeholders can anticipate further updates on these developments as BayCom progresses on its strategic journey.
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