Business
Capital Bancorp, Inc. Announces Stock Repurchase Program
ROCKVILLE, Md., April 25, 2019 /PRNewswire/ -- Capital Bancorp, Inc. ("CBNK" or the "Company") (NASDAQ: CBNK) today announced that its Board of Directors has
About this update from Capital Bancorp, Inc.
[{"type":"text","content":"ROCKVILLE, Md., April 25, 2019 /PRNewswire/ -- Capital Bancorp, Inc. (\"CBNK\" or the \"Company\") (NASDAQ: CBNK) today announced that its Board of Directors has authorized a stock repurchase program that enables the Company to repurchase up to $5 million of its outstanding common stock. This program expires on December 31, 2020.\n\"We are pleased that our healthy balance sheet and continued strong financial performance put us in a position to invest in our growth and maintain ample liquidity, while simultaneously being able to return capital to stockholders through a repurchase program,\" said Ed Barry, CEO of Capital Bancorp, Inc.\nUnder the stock repurchase program, the Company may, from time to time and on or before the program's expiration date, repurchase shares of its outstanding common stock in the open market, in privately-negotiated transactions, or otherwise, subject to applicable laws and regulations. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the program's expiration, without any prior notice. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, 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. The Company expects to finance repurchases under the program with available cash balances.\nAbout Capital Bancorp, Inc.\nCapital 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 eighth largest bank headquartered in Maryland. Capital Bank has been providing financial services since 1999 and operates bank branches in five locations in the greater Washington, D.C., Northern Virginia and Baltimore, Maryland markets to serve its clients in and beyond that geography. Capital Bank also has two nation-wide consumer lending brands, Capital Bank Home Loans, a mortgage division t...