MT. PLEASANT, S.C., July 25, 2007 (PRIME NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced today that its Board of Directors has authorized the repurchase of up to ten percent of its common stock currently outstanding. This ten percent repurchase authorization will be adjusted to give effect to any stock dividends the Company might distribute before the authorization terminates on July 25, 2008 (though there is no assurance that any such dividends will be declared). Purchases will be in the open market and block trades will be permitted, all in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. Purchases will be transacted through one or more brokerage firms determined by the Company's management. This repurchase authorization is in addition to the ten percent repurchase authorization declared on January 19, 2007. The previous repurchase authorization will also be adjusted to give effect to any stock dividends the Company distributes before the authorization terminates on January 19, 2008, including the 10% stock dividend declared on May 4, 2007. The Company has repurchased 547,194 shares of its common stock pursuant to the January 19, 2007 repurchase authorization.
Southcoast Financial Corporation, headquartered in Mt. Pleasant, South Carolina, is the holding company of Southcoast Community Bank. The Bank, which opened for business July 20, 1998, is a state chartered commercial bank operating from its main office at 530 Johnnie Dodds Boulevard in Mt. Pleasant, South Carolina. Trading in Southcoast Financial Corporation's common stock is reported on NASDAQ under the symbol SOCB.
This press release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements give our expectations or forecasts of future events.
Any or all of our forward-looking statements here or in other publications may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results. Consequently, no forward looking-statements can be guaranteed. Our actual results may vary materially, and there are no guarantees about the performance of our stock.
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