Bank Of Marin Bancorp (BMRC) Temporarily Suspends Share Repurchase Program

Bank of Marin Bancorp (Nasdaq: BMRC) announced a decision made by its Board of Directors on March 20, 2020 to suspend its share repurchase program indefinitely.

“This is not a cancellation of our share repurchase program but a precautionary suspension in response to the ongoing COVID-19 pandemic,” said Brian Sobel, Chairman of the Board. “We will monitor the situation closely and reinstitute the program when the Board believes it is appropriate. Bank of Marin’s current capital position remains strong.”

On January 24, 2020, the Bancorp Board of Directors approved a Share Repurchase Program under which Bancorp may repurchase up to $25.0 million of its outstanding common stock through February 28, 2022.

According to Russell A. Colombo, President and Chief Executive Officer, “Our priority at this time is to support our customers and communities as they weather this storm. This suspension allows us to focus our significant resources on that important objective.”

You May Also Be Interested In

• MGIC Investment (MTG) Announces $750M Share Buyback, Declares $0.115 Dividend
• Bristol-Myers Squibb (BMY) stock slips despite earnings beat
• Nanometrics (NANO) Issues Business Update, Reports FY23 Results