WALNUT CREEK, Calif., Aug. 19, 2016 (GLOBE NEWSWIRE) -- Bay Commercial Bank (OTCQB:BCML) (the “Bank”) today announces its 2016 Annual Meeting of Shareholders is scheduled for Tuesday September 20, 2016 at 5:30 pm at its corporate office located at 500 Ygnacio Valley Road, Suite 200, Walnut Creek, California.
The Board of Directors of the Bank is proposing a repurchase of up to 10% of the outstanding common shares subject to regulatory approval. This proposal requires shareholder approval. All shareholders of record on July 22, 2016 are encouraged to cast their vote.
George J. Guarini, Chief Executive Officer of the Bank, stated “The repurchase of some of our common shares 1) is beneficial to those shareholders looking for an exit strategy, 2) improves our book value per share, and 3) enhances the metrics for the improvement in price per share. We encourage all shareholders attend the meeting and open house.”
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 and San Joaquin County. Bay Commercial Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. The Bank operates ten full service branches in Northern California. 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.