Bank of Marin Bancorp Temporarily Suspends Share Repurchase Program
March 24 2020 - 9:00AM
Business Wire
Bank of Marin Bancorp (Nasdaq: BMRC) announced a decision made
by its Board of Directors on March 20, 2020 to suspend its share
repurchase program indefinitely.
“This is not a cancellation of our share repurchase program but
a precautionary suspension in response to the ongoing COVID-19
pandemic,” said Brian Sobel, Chairman of the Board. “We will
monitor the situation closely and reinstitute the program when the
Board believes it is appropriate. Bank of Marin’s current capital
position remains strong.”
On January 24, 2020, the Bancorp Board of Directors approved a
Share Repurchase Program under which Bancorp may repurchase up to
$25.0 million of its outstanding common stock through February 28,
2022.
According to Russell A. Colombo, President and Chief Executive
Officer, “Our priority at this time is to support our customers and
communities as they weather this storm. This suspension allows us
to focus our significant resources on that important
objective.”
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is
the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq:
BMRC). A leading business and community bank in the San Francisco
Bay Area, with assets of $2.7 billion, Bank of Marin has 22
branches, 5 commercial banking offices and 1 loan production office
located across the North Bay, San Francisco and East Bay regions.
Bank of Marin provides commercial banking, personal banking, and
wealth management and trust services. Specializing in providing
legendary service to its customers and investing in its local
communities, Bank of Marin has consistently been ranked one of the
“Top Corporate Philanthropists" by the San Francisco Business Times
and one of the “Best Places to Work” by the North Bay Business
Journal. Bank of Marin Bancorp is included in the Russell 2000
Small-Cap Index and Nasdaq ABA Community Bank Index. For more
information, go to www.bankofmarin.com.
Forward-Looking Statements
This release may contain certain forward-looking statements that
are based on management's current expectations regarding economic,
legislative, and regulatory issues that may impact Bancorp's
earnings in future periods. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include the words
“believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, natural disasters (such as COVID-19,
wildfires and earthquakes), general economic conditions, economic
uncertainty in the United States and abroad, changes in interest
rates, deposit flows, real estate values, costs or effects of
acquisitions, competition, changes in accounting principles,
policies or guidelines, legislation or regulation (including the
Tax Cuts & Jobs Act of 2017), interruptions of utility service
in our markets for sustained periods, and other economic,
competitive, governmental, regulatory and technological factors
(including external fraud and cybersecurity threats) affecting
Bancorp's operations, pricing, products and services. These and
other important factors are detailed in various securities law
filings made periodically by Bancorp, copies of which are available
from Bancorp without charge. Bancorp undertakes no obligation to
release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005199/en/
Beth Drummey Marketing & Corporate Communications Manager
Bank of Marin 415-763-4529 | bethdrummey@bankofmarin.com
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