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Sunwest Bank Announces Implementation Of Stock Repurchase Plan
Trading activity in the Bank’s common stock in the over-the-counter market is light and liquidity is limited. Accordingly, the Board of Directors believes that repurchasing shares of its common stock, at market or negotiated prices acceptable to the Bank, would be in the best interest of the Bank and its shareholders and, in particular, those shareholders seeking to liquidate or reduce their investment in the Bank. The implementation of the Plan will not impair the Bank’s current “well-capitalized” institution rating, as its regulatory capital level will continue to exceed the minimum requirements established for a well-capitalized institution by the applicable regulators.
This press release includes ‘forward-looking’ statements within the meaning of Section 27A of the Securities Act. All of the statements contained in this press release, other than statements of historical fact, should be considered forward-looking statements, including but not limited to, any statements which may concern (i) Bank’s strategies, objectives and plans for expansion of its operations, product and services, (ii) Bank’s beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of Bank, and (iii) Bank’s beliefs and expectations of the future operating results. Although Bank believes the expectation reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All subsequent written and oral forward-looking statements by or attributable to Bank or persons acting on its behalf are expressly qualified in their entirety by this qualification. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results. Bank undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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