LOS ANGELES–(BUSINESS WIRE)–AMERICAN BUSINESS BANK (OTCQX: AMBZ) (the Bank) today announced that its Board of Directors has adopted a share repurchase program (Share Repurchase Program) under which the Bank is authorized to repurchase 227,541 shares, or 2 .5% of issued ordinary shares of the Bank. This is the first share buyback program of the Bank.
The share repurchase program will become effective after the release of the Bank’s fourth quarter earnings release, in accordance with the Bank’s trading policies, and will expire on January 7, 2026 unless earlier terminated or terminated by the Bank. Shares can be bought on the open market, by group purchase or in privately negotiated transactions. The buyback will be carried out at the discretion of the management at prices that the management considers to be attractive and in the best interest of both the Bank and its shareholders, depending on the availability of shares, general market conditions, the share price for trading, alternative ways of using capital, and the Bank’s financial results. Open market purchases are subject to Securities and Exchange Commission and other applicable legal requirements. The share buyback program may be terminated or modified by the Bank at any time prior to the expiration date.
Leon Blankstein, Chief Executive Officer and Director, stated: Our strong earnings over the past few years have enabled us to buy back shares and maintain a strong capital position. Share repurchases represent an important tool for managing capital levels, improving shareholder returns and providing additional liquidity to shareholders for selling shares. This new program provides an opportunity to repurchase shares over the next year and underlines the Bank’s strong long-term financial performance. We believe that repurchases represent an investment of value-enhancing capital.
At this point, we would also like to comment on the devastating forest fires in Los Angeles. Our hearts go out to those who lost their homes and others affected by the fires. As a sign of gratitude for our first interventions, the Bank made a donation to the American Red Cross to help firefighters. Our bank and more importantly our Customer Relationship Managers are here to serve and support our customers. We are grateful that the minimal commercial buildings of our customer base and the few that had adequate insurance were affected. We want everyone to be safe during this time.
ABOUT AMERICAN BUSINESS BANK
American Business Bank, headquartered in downtown Los Angeles, offers a wide range of financial services to the business market. Clients include wholesalers, manufacturers, service companies, professionals and non-profit organizations. American Business Bank has seven loan production offices in strategic locations including: North Orange County in Anaheim, Orange County in Irvine, South Bay in Torrance, San Fernando Valley in Woodland Hills, Riverside County in Corona, Inland Empire in Ontario, LA Coastal in Longu Beach and San Diego.
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Karen Schoenbaum
EVP/CFO
(213) 430-4000
www.americanbb.bank
Source: American Business Bank
