630 Las Gallinas Ave San Rafael, CA 94903 (415) 526-6400
Contact Information: Contact: Mark Garwood President / CEO Epic Bancorp 415-526-6400
Epic Bancorp Announces Stock Repurchase Plan
| Source: Epic Bancorp
SAN RAFAEL, CA--(Marketwire - September 11, 2007) - Epic Bancorp (the "Company") (NASDAQ : EPIK ),
the parent company for Tamalpais Bank and Epic Wealth Management, today
announced that its Board of Directors approved a plan to repurchase, as
conditions warrant, up to five percent of the shares of the Company's
common stock, to be made from time to time in the open market over the next
twelve months.
The repurchase of any or all such shares authorized for repurchase will be
dependent on management's assessment of market conditions. The repurchase
plan represents approximately 200,649 shares of the Company's common stock
outstanding as of July 28, 2007, as reported on the Company's most recent
Form 10-Q filed with the Securities and Exchange Commission (SEC) on August
10, 2007.
Mark Garwood, the Company's Chief Executive Officer and Director, stated,
"The share repurchase plan helps create shareholder value through the
efficient use of our equity capital while still allowing Epic Bancorp to
take advantage of the growth opportunities in our existing markets. The
Board and management will continue to focus on building shareholder value
and generating attractive investment returns. We are pleased to have this
additional capital management tool at our disposal."
The program is intended to be structured to conform to the safe harbor
provisions of SEC Rule 10b-18. SEC Rule 10b-18 contains certain
restrictions related to the manner, price, timing and volume of
repurchases, among other conditions. The Company plans to fund repurchases
made under the program from available working capital.
About Epic Bancorp
Epic Bancorp (www.epicbancorp.com) based in San Rafael, CA, is the parent
company of Tamalpais Bank and Epic Wealth Management. The Company had $522
million in assets and $370 million in deposits as of June 30, 2007. Shares
of the Company's common stock are traded on the NASDAQ Capital Market
System under the symbol EPIK. For additional information, please contact
Mark Garwood at 415-526-6400.
About Tamalpais Bank
Tamalpais Bank, a wholly owned subsidiary of Epic Bancorp, operates seven
branches in Marin County and a loan production office in Santa Rosa. The
branches are located in Corte Madera, Greenbrae, Mill Valley, San Anselmo,
San Rafael, Terra Linda, and Tiburon/Belvedere.
About Epic Wealth Management
Epic Wealth Management specializes in helping clients of Tamalpais Bank and
other high net worth families reach their lifetime financial goals through
a collaborative, comprehensive and education-oriented approach to
investment management. Epic Wealth Management is located San Rafael. For
additional information about Epic Wealth Management, please call
415-526-4300.
This news release contains
forward-looking statements with respect to the financial condition, results
of operation and business of Epic Bancorp and its subsidiaries. These
include, but are not limited to, statements that relate to or are dependent
on estimates or assumptions relating to the prospects of loan growth,
credit quality, changes in securities or financial markets, and certain
operating efficiencies resulting from the operations of Tamalpais Bank and
Epic Wealth Management. These
forward-looking statements involve certain risks and uncertainties. Factors
that may cause actual results to differ materially from those contemplated
by such
forward-looking statements include, among others, the following
possibilities: (1) competitive pressure among financial services companies
increases significantly; (2) changes in the interest rate environment
reduce interest margins; (3) general economic conditions, internationally,
nationally or in the State of California are less favorable than expected;
(4) legislation or regulatory requirements or changes adversely affect the
businesses in which the consolidated organization is or will be engaged;(5)
the ability to satisfy the requirements of the
Sarbanes-Oxley Act and other regulations governing internal controls; (6)
volatility or significant changes in the equity and bond markets which can
affect overall growth and profitability of our wealth management business
and; (7) other risks detailed in the Epic Bancorp filings with the
Securities and Exchange Commission. When relying on forward-looking
statements to make decisions with respect to Epic Bancorp, investors and
others are cautioned to consider these and other risks and uncertainties.
Epic Bancorp disclaims any obligation to update any such factors or to
publicly announce the results of any revisions to any of the
forward-looking statements contained herein to reflect future events or
developments.