Redwood Capital Bancorp (RWCB.OB) said on Tuesday that its Board has approved its first share repurchase program to buyback up to $1 million of shares.
John E. Dalby, CEO of Redwood Capital, said: "The stock repurchase program reflects the Board of Directors' commitment to enhancing shareholder value. The stock repurchase program is reflective of the company's strong capital position, liquidity for our shareholder base and the long-term value of our company."
Redwood Capital will fund the share repurchase through its cash on hand and additional support from dividends received from Redwood Capital Bank, the company's wholly owned subsidiary.
This share repurchase program will remain effective from July 1 to September 30.
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