Bank of the Carolinas to buy back stock
MOCKSVILLE ó Bank of the Carolinas Corp. will repurchase up to 398,737 shares, or 10 percent, of the company’s outstanding common stock during the year.
The company will buy the shares on the open market, in block purchases or in privately negotiated transactions in accordance with Securities and Exchange Commission rules.
The company’s board of directors also authorized adoption of a stock trading plan in accordance with guidelines specified under SEC rules that allow public companies to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. The adoption of the stock trading plan will allow the company to repurchase shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
“We believe that our stock represents an attractive investment opportunity for the company and our shareholders,” said Robert E. Marziano, chairman, president and chief executive officer. “We believe the repurchase program will help create shareholder value through the efficient use of our capital while still allowing Bank of the Carolinas to take advantage of growth opportunities in our banking markets. It also reflects our strong belief in the long-term opportunities for the company.”
Sandler O’Neill & Partners, L.P. will execute the repurchase program.