Business and Finance Week
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Santa Clara Valley Bank
SCVBank Concludes Successful Stock Repurchase Plan
February 28th, 2009
Santa Clara Valley Bank (SCVBank) (OTCBB:SCVE) announced its board of directors has discontinued the Bank's common stock repurchase plan. The decision was made in consideration of various factors including the success to date of the program.
Since April, 2008, the Bank has repurchased 13,772 shares. The average price paid was $10.75 per share.
Chairman Guy Cole stated, "The stock repurchase program has succeeded in reducing the number of shares outstanding, and as result, earnings per share will improve. The shares were purchased at a level very close to the Bank's book value."
Founded in 1998, Santa Clara Valley Bank has offices in...
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Source: Business and Finance Week (2009-02-28)