BayCom Corp, the parent company of United Business Bank, has announced its seventh stock repurchase program. BayCom's Board of Directors has approved the repurchase of up to 619,000 shares of its common stock, which represents approximately 5% of its outstanding shares. The stock buyback will take place over a one-year period through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.

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Timing and Factors Affecting Repurchase

The new stock repurchase program will commence upon completion of the sixth stock repurchase program, which is set to expire on October 24, 2023, or earlier if the shares have been repurchased. The repurchases are expected to commence immediately, and the actual timing, number, and value of shares repurchased under the stock repurchase program will depend on various factors. These include constraints specified in any Rule 10b5-1 trading plan adopted, price, general business and market conditions, and alternative investment opportunities.

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Program Flexibility

It is important to note that the share buyback program does not obligate BayCom Corp to acquire any specific number of shares in any period. The program may be expanded, extended, modified, or discontinued at any time, depending on BayCom's needs and market conditions.

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Members of LevelFields received the alert of this event on April 21, 4:50 PM ET

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