Sierra Bancorp (BSRR) Reactivates 700K Buyback Plan

January 18, 2013 7:55 AM EST
Sierra Bancorp (NASDAQ: BSRR) as reactivated the Company's stock repurchase program and increased the number of shares authorized for repurchase to 700,000, or 5% of total issued and outstanding shares.

The repurchase program is designed to improve the Company's return on equity and earnings per share, and should provide an additional outlet for shareholders interested in selling their shares. Repurchases will be made from time to time on the open market through one or more of the Company's market makers, and will be structured to conform to the safe harbor provisions of Securities and Exchange Commission Rule 10b-18. SEC Rule 10b-18 contains restrictions related to the price, timing, and volume of repurchases, among other things. Within those parameters, the Company can accept or reject any specific shares offered based upon market conditions and any other relevant considerations at the time. At management's discretion, the repurchase program may be discontinued at any time.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Stock Buybacks

Related Entities

Stock Buyback, Earnings

Add Your Comment