North Bay Bancorp (NASDAQ:NBAN)
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North Bay Bancorp (Nasdaq:NBAN), holding company for The
Vintage Bank and its Solano Bank division, today announced that the
Board of Directors has renewed its approval of a plan to repurchase
shares of the Company's common stock and increased the maximum
aggregate price from $1 million to $5 million. Purchases are to be
made, as conditions warrant, from time to time in the open market. The
duration of the program remains open-ended and the timing of purchases
will depend on market conditions.
President and CEO Terry L. Robinson stated, "All of our capital
ratios are increasing due to the slowing of our asset growth in the
past 18 months as compared to the rates of the previous five years.
This authorization provides one more tool to help us prudently manage
our capital in a slower growth environment. We continue to believe
that the repurchase of stock from time to time represents a favorable
and prudent investment opportunity for the Company, which should
enhance earnings per share, return on equity and shareholder value.
NBAN's strong capital position supports the continuation and expansion
of this program."
About North Bay Bancorp
North Bay Bancorp was formed in 1999 and is the holding company
for The Vintage Bank and its division, Solano Bank. Its stock is
publicly traded on the NASDAQ National Market under the symbol NBAN.
The Vintage Bank is a full-service commercial bank that offers a
wide selection of deposit, loan and investment services. The Bank,
which opened in January of 1985, is proud to celebrate 21 years of
service and growth throughout the Napa Valley, Northern California's
number one tourist destination and the nation's premier wine producing
region, with six locations in Napa County, including offices in
American Canyon, Gateway Industrial Park and St. Helena. The Solano
Bank division, opened in 2000 as a separately chartered bank, has
offices in Vacaville, Fairfield, Vallejo and Benicia. Solano County,
projected to be the Bay Area's fastest growing County through year
2030, provides excellent growth opportunities for the Bank.
This news release contains forward-looking statements with respect
to the financial condition, results of operation and business of North
Bay Bancorp and its subsidiary. These include, but are not limited to,
statements that relate to or are dependent on estimates or assumptions
relating to the prospects of loan growth, credit quality and certain
operating efficiencies resulting from the operations of The Vintage
Bank and its Solano Bank Division. These forward-looking statements
involve certain risks and uncertainties. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) competitive pressure among financial services
companies increases significantly; (2) changes in the interest rate
environment on interest margins; (3) general economic conditions,
internationally, nationally or in the State of California are less
favorable than expected; (4) legislation or regulatory requirements or
changes adversely affect the business in which the combined
organization will be engaged; (5) finalization of the year-end audit
results; (6) the ability to satisfy the requirements of the
Sarbanes-Oxley Act and other regulations governing internal control
and (7) other risks detailed in the North Bay Bancorp reports filed
with the Securities and Exchange Commission.