Business
First Commerce Bancorp, Inc. Announces Adoption of Initial Stock Purchase Program
First Commerce Bancorp, Inc. Announces Adoption of Initial Stock Purchase Program.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"LAKEWOOD, NJ / ACCESSWIRE / August 16, 2023 / First Commerce Bancorp, Inc. (the "Company") (OTC PINK:CMRB), the holding company for First Commerce Bank (the "Bank"), today announced that it has adopted a program to repurchase up to 5% of its outstanding shares of common stock, or approximately 1.2 million shares of its common stock. This is the Company's first stock repurchase program since completing its holding company reorganization on May 31, 2023.Shares may be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be made in accordance with applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period, and there is no guarantee as to the exact number of shares to be repurchased by the Company.About First Commerce Bancorp, Inc.Established in 2006 and headquartered in Lakewood, New Jersey, the Bank has offices in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Lakewood, Montvale, Robbinsville and Teaneck, with a new office in Jackson, New Jersey opening shortly. The Bank provides businesses and individuals with a wide range of loans, deposit products and retail and commercial banking services. For more information, please go to www.firstcommercebk.com.Forward-Looking StatementsThis release contains forward-looking statements regarding the Company's prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provision...