Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California today announced that its’ Board of Directors has authorized a common stock repurchase plan. The Plan calls for the repurchase of up to $450,000 of our Company's shares of common stock.
Mark Francis, President and Chief Executive Officer, stated, "This stock buyback plan reflects the Board’s confidence in the Bank’s long term prospects and our continued belief that, at current market prices, our stock represents an excellent investment opportunity.”
The common stock may be repurchased by the Bank from time to time in the open market or privately negotiated transactions as conditions allow and as permitted under applicable rules and regulations. The shares of common stock repurchased shall be at the Bank's sole discretion and the Plan may be re-evaluated depending on market conditions, liquidity needs or other factors. The Board of Directors, based on such re-evaluations, may suspend, terminate, modify or cancel the Plan at any time without notice.
Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has a full service office in Chico, California and a Loan Production Office in Redding, California. For more information regarding the Bank please call at (530) 894-1000 or visit www.goldenvalleybank.com.
Statements regarding confidence in the Bank’s long term prospects and that, at current market prices, the Bank’s common stock represents an excellent investment opportunity, constitute forward-looking statements that are subject to a number of risks and uncertainties. Specific risks include, but are not limited to, the Bank’s loan production, balance sheet management, net interest margins, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any forward looking statements.