SCVBank Announces Stock Repurchase Plan
Continued Strength in Loan Portfolio
Santa Paula, CA. April 29, 2008 - Santa Clara Valley Bank (SCVBank; OTC BB: SCVE.OB) today announced its Board of Directors has authorized a repurchase of up to $220,000 of the company’s common stock. The company is authorized until October 17, 2008 to purchase from time to time in open market or privately negotiated transaction, depending on market conditions.
“Our stock is currently trading at a significant discount and it has, we believe, little correlation to our recent financial performance, including 5 quarters without a loan charge-off”, said Michael D. Hause, president and CEO. “In addition to our history of rigorous underwriting and stringent credit quality standards, our bank continues to have little credit exposure.”
Chairman Guy Cole stated, “The Board believes that it is in the best interests of the Bank and its shareholders for the Bank to reacquire shares of its Common Stock on the open market for several reasons, including the recent trading price of the Common Stock that the Board believes is undervalued and the Bank has sufficient cash available to effect repurchases without adversely affecting the Bank’s financial condition. In addition, the repurchases will have the effect of improving the Bank’s earnings per share and return on equity.”
Founded in 1998, Santa Clara Valley Bank has offices in Santa Paula, Fillmore, and Valencia. Under its stock symbol of SCVE.OB, Santa Clara Valley Bank's stock is traded through Wedbush Morgan Securities, and Howe Barnes Hofer & Arnett. The Bank's web site is www.SCVBank.com.
Santa Clara Valley Bank Corporate Headquarters
901 East Main Street
Santa Paula, California 93060
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