WALNUT CREEK, Calif., Sept. 6, 2013 (GLOBE NEWSWIRE) -- Bay Commercial Bank (OTCQB:BCML) (the "Bank") 2013 Annual Meeting of Shareholders is scheduled for Tuesday, September 17, 2013 at 5:30 pm at the corporate office at 500 Ygnacio Valley Road Suite 200, Walnut Creek, California.
The Board of Directors of the Bank is proposing a repurchase of up to 5% of the outstanding common shares. This proposal requires shareholder approval. All shareholders of record on July 19, 2013 are encouraged to cast their vote.
George J. Guarini, Chief Executive Officer of the Bank, stated, "Regulations require that a supermajority of the Bank's shareholders approve the proposed repurchase of shares. The repurchase is beneficial to those shareholders looking for an exit strategy and it improves the book value per share which enhances the value of the Bank's stock related to possible merger opportunities. We really want to encourage all shareholders of record to vote as soon as possible."
Bay Commercial Bank offers a full-range of loans, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates throughout the Greater Bay Area. Bay Commercial Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. Its full service branches in California are located at 500 Ygnacio Valley Road, Walnut Creek; 155 Grand Avenue, Oakland; 3895 E. Castro Valley Blvd, Castro Valley; 700 E. El Camino Mountain View; and 960 School Street, Napa. Bay Commercial Bank is a member of FDIC and is an Equal Housing Lender. It is traded on the Over the Counter Bulletin Board under the symbol BCML. The Bank can be found on the web at www.baycommercialbank.com.