Contact Information: Contacts: Tom McGraw Chief Executive Officer (650) 875-4864 Dave Curtis Chief Financial Officer (650) 875-4862
FNB Bancorp Announces Stock Repurchase Program
| Source: FNB Bancorp
SOUTH SAN FRANCISCO, CA--(Marketwire - July 31, 2007) - FNB Bancorp (OTCBB : FNBG ), the
holding company for First National Bank of Northern California, today
announced that its Board of Directors has authorized a stock repurchase
program. The program calls for the repurchase of up to 5% of the company's
outstanding shares of common stock, or approximately 143,182 shares, based
on approximately 2,863,635 shares outstanding as of this date. The
repurchases will be made from time to time by the company in the open
market as conditions allow. All such transactions will be structured to
comply with Securities and Exchange Commission Rule 10b-18 and all shares
repurchased under this program will be retired. The number, price and
timing of the repurchases will be at the company's sole discretion and the
program may be re-evaluated periodically, depending on market conditions,
liquidity needs and other factors. The Board of Directors, based on such
re-evaluations, may suspend, terminate, modify or cancel the program at any
time, without notice.
Thomas C. McGraw, Chief Executive Officer, stated: "This stock repurchase
program currently provides us with an excellent opportunity to utilize our
excess capital. Given our current valuations, we have the opportunity to
buy back FNB Bancorp stock at prices management and the Board of Directors
believe to be attractive.”
Cautionary Statement: This release contains certain forward-looking
statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those stated herein. Management's
assumptions and projections are based on their anticipation of future
events and actual performance may differ materially from those projected.
Risks and uncertainties which could impact future financial performance
include, among others, (a) competitive pressures in the banking industry;
(b) changes in the interest rate environment; (c) general economic
conditions, either nationally or regionally or locally, including
fluctuations in real estate values; (d) changes in the regulatory
environment; (e) changes in business conditions or the securities markets
and inflation; (f) possible shortages of gas and electricity at utility
companies operating in the State of California, and (g) the effects of
terrorism, including the events of September 11, 2001, and thereafter, and
the conduct of war on terrorism by the United States and its allies.
Therefore, the information set forth herein, together with other
information contained in the periodic reports filed by FNB Bancorp with the
Securities and Exchange Commission, should be carefully considered when
evaluating its business prospects. FNB Bancorp undertakes no obligation to
update any forward-looking statements contained in this release.
Website: www.fnbnorcal.com