IE Business Daily Business news for the Inland Empire.
American Business Bank has announced a stock repurchase program, the first in its history.
The bank’s board of directors has approved a buyback of up to 227,541 shares, or 2.5 percent, of its issued and outstanding common stock, according to a statement.
The shares may be repurchased in the open market, by block, or in private transactions. All purchase will be made at the discretion of management and must be in the best interest of the bank and its shareholders.
“Share repurchases provide an important tool for managing capital levels, improving shareholder returns and providing additional liquidity for shareholders to sell shares,” said Leon Blankstein, American Business Bank’s director and chief executive officer, in the statement. “We believe that repurchases represent a value-enhancing deployment of capital.”
America Business Bank is based in Los Angeles. It has seven loan production offices in Southern California, including one in Corona and another in Ontario.
