other material
confidence high
sentiment positive
materiality 0.65
California Bancorp boosts share repurchase program to 1.6M shares, redeems $18M subordinated notes
California BanCorp \ CA
- Share repurchase authorization increased from 550,000 to 1.6 million shares, representing ~4.9% of outstanding shares.
- No shares have been repurchased yet under the program; timing depends on market conditions and other factors.
- Company will redeem the $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030 issued May 28, 2020.
- Repurchases and redemption will be funded from working capital and operating cash flows.