California BanCorp (NASDAQ: BCAL) announced that its Board of Directors authorized an increase in its share repurchase program to 1.6 million shares, up from the initial 550,000 shares. This expanded authorization allows for the repurchase of approximately 4.9% of the company’s outstanding common stock.
The company also announced its election to redeem $18 million of its 5.50% Fixed-to-Floating Subordinated Notes due 2030, which were originally issued on May 28, 2020. This redemption reflects active capital management and a focus on optimizing the bank's debt structure.
These actions signal the Board and management's conviction in the bank's relationship-based banking strategy and its strong balance sheet and capital levels. The company intends to fund repurchases from available working capital and cash from operating activities, demonstrating a commitment to building long-term shareholder value.
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