Mission Bancorp Announces Extension of Stock Repurchase Plan

Rhea-AI Summary

Mission Bancorp (OTC Pink: MSBC) has announced the extension of its Rule 10b5-1 stock repurchase plan through April 24, 2025. The extended plan authorizes the company to repurchase up to $1.0 million of its common stock, with previous unused funds being removed. Hilltop Securities will act as the company's agent for share purchases. Mission Bancorp, with $1.8 billion in assets, operates through four subsidiaries including Mission Bank, which has eight Business Banking Centers across California.

Positive

• Authorization of $1.0 million for stock repurchases
• Strong asset base of $1.8 billion
• Broad geographical presence with eight business banking centers

Negative

• Previous unused funds from prior authorization being removed
• Plan can be suspended or discontinued at any time

News Market Reaction

+7.18%

1 alert

+7.18% News Effect

On the day this news was published, MSBC gained 7.18%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BAKERSFIELD, Calif., Oct. 28, 2024 /PRNewswire/ -- Mission Bancorp (OTC Pink: MSBC), announced on April 29, 2024, the extension of its plan under Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $1.0 million of the Company's common stock may be repurchased by the Company.  The 2022 10b5-1 Plan has expired on October 25, 2024, and the Company will extend the Plan for an additional 6 months, through April 24, 2025.  The extension authorizes the Company to repurchase its common stock up to a maximum of $1.0 million.  Remaining funds associated with the prior authorization will be removed from the Plan and the Company may suspend or discontinue the Plan at any time. Hilltop Securities, Inc. is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan.

About Mission Bancorp

With $1.8 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of four wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc.  Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California. Visit Mission Bank online at www.missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to, and shall not be deemed to incorporate by reference any material contained therein.

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SOURCE Mission Bank

FAQ

When does Mission Bancorp's (MSBC) extended stock repurchase plan expire?

Mission Bancorp's extended stock repurchase plan will expire on April 24, 2025.

How much is Mission Bancorp (MSBC) authorized to repurchase under the extended plan?

Mission Bancorp is authorized to repurchase up to $1.0 million of its common stock under the extended plan.

What is Mission Bancorp's (MSBC) current asset size?

Mission Bancorp has $1.8 billion in assets according to the announcement.

Who is executing the stock repurchase plan for Mission Bancorp (MSBC)?

Hilltop Securities, Inc. is acting as Mission Bancorp's agent to purchase shares under the repurchase plan.