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Capital Bancorp Declares Quarterly Cash Dividend of $0.06 per Share and Announces New Stock Repurchase Program
ROCKVILLE, Md., July 25, 2022 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (NASDAQ: CBNK) (“Company”), the holding company of Capital Bank (“Bank”), announced
About this update from Capital Bancorp, Inc.
[{"type":"text","content":"ROCKVILLE, Md., July 25, 2022 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (NASDAQ: CBNK) (“Company”), the holding company of Capital Bank (“Bank”), announced today that its Board of Directors has declared a cash dividend on its common stock of $0.06 per share. The dividend is payable on August 24, 2022 to shareholders of record as of August 8, 2022. The Company also announced today that it had received a non-objection letter from the Federal Reserve Bank of Richmond to allow the Board to authorize management to repurchase its common stock. Under the new repurchase program, management is authorized to repurchase up to $10.0 million, or approximately 3.1% of the 14.0 million outstanding shares of the Company’s common stock. The program may be limited or terminated at any time without prior notice. The program will expire on December 31, 2023. Ed Barry, Chief Executive Officer stated, “With the current volatility in the financial markets, we believe it wise to have an active buyback in place in the event we can purchase our common stock. Our healthy balance sheet and continued strong financial performance put us in a position to invest in our growth and maintain ample liquidity while efficiently deploying capital thereby creating long-term shareholder value.” Under the stock repurchase program, shares of common stock may be repurchased by the Company from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Repurchases may be conducted, suspended, or terminated at any time without notice. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. ABOUT CAPITAL BANCORP, INC. Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. The Company’s wholly-owned subsidiary, Capital Bank, N.A., is the fourth largest bank headquartered in Maryland at June 30, 2022. Capital Ban...