State Bank Corp. (OTCQB:SBAZ), the holding company for Mohave State Bank, today announced that its Board of Directors has authorized the repurchase of up to $1,000,000 of the outstanding common stock of the company. Stock repurchases may be made from time to time on the open market or through privately negotiated transactions. The timing of purchases and the exact number of shares to be purchased will depend on market conditions. The share repurchase program does not include specific price targets or timetables and may be suspended at any time.
“We believe our stock is an attractive investment and repurchasing stock affirms our optimism for the future and offers an excellent means to build long-term value for our shareholders,” said Brian M. Riley, President and CEO. Earlier today, State Bank Corp. reported its second quarter earnings results and provided detailed financial information in a separate press release.
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