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PHOENIX, May 14, 2019 (GLOBE NEWSWIRE) -- Republic Bank of Arizona, (OTCBB:RBAZ) announced today that its Board of Directors has initiated a stock repurchase program of up to $500,000, or approximately 3.5% of the outstanding shares. This repurchase program is in effect through April 30, 2020. Additionally, the Board of Directors approved its first ever cash dividend of $0.28 per share to be paid on June 28, 2019, to shareholders of record on June 7, 2019.
“The stock repurchase program and cash dividend underscore the Board of Director’s and Management’s confidence in our business model and strategy. The repurchase program and cash dividend will add value to our shareholders. Republic Bank of Arizona has a strong balance sheet, good earnings growth, and a strong market,” stated Ralph Tapscott, President and CEO.
The repurchase program will allow the Board of Directors or Management to repurchase shares from time to time using a variety of methods including open market purchases, privately negotiated purchases, or otherwise, all in accordance with applicable legal requirements. The specific price, size and timing of purchases will depend on a number of factors, including market conditions, general economic conditions, or other considerations. The repurchase program does not obligate Republic Bank of Arizona to acquire any particular amount of stock and the program may be suspended or discontinued at any time at the discretion of Republic Bank of Arizona.
About the Company
Republic Bank of Arizona is an Arizona chartered community bank in Phoenix, Arizona. Republic Bank of Arizona is a full service community bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals with a business and commercial focus. The Bank was established in April 2007 and operates out of a single location at 645 E. Missouri Avenue, Suite 108. The Bank is traded over-the-counter as RBAZ. For further information, please visit our web site: www.republicbankaz.com.
Republic Bank of Arizona
602-277-2500 ext 403