KNOXVILLE, Tenn., April 12, 2021 /PRNewswire/ — Mountain Commerce Bancorp, Inc. (the “Business”) (OTCQX: MCBI), the holding firm for Mountain Commerce Lender (the “Bank”), today announced that the Board of Directors has licensed a stock repurchase application beneath which the Firm may, from time to time, purchase up to $5 million of its remarkable widespread shares throughout a period extending by March 31, 2022. The shares may be ordered in open market or personal transactions, like pursuant to Rule 10b5-1 trading programs, at the discretion of administration and matter to the restrictions of relevant securities laws.
President and Chief Govt Officer Invoice Edwards commented, “We think our stock is eye-catching at present valuations. Repurchasing shares lets us to deal with our capital stages, present greater liquidity and improved longer-term returns for our shareholders.”
The share repurchase plan might be extended, modified, amended, suspended or discontinued at any time at the Firm’s discretion and does not commit the Corporation to repurchase shares of its typical inventory. The real timing, range and worth of the shares to be bought beneath the application will be established by the Firm at its discretion and will rely on a number of aspects, which include the performance of the Company’s inventory selling price, the Company’s ongoing money arranging factors, common market and other conditions, applicable authorized demands and compliance with the terms of the Firm’s excellent indebtedness.
This push launch has ahead-seeking statements. The text “assume,” “intend,” “really should,” “may,” “could,” “imagine,” “suspect,” “anticipate,” “search for,” “plan,” “estimate” and identical expressions are meant to detect this sort of forward-hunting statements, but other statements not primarily based on historic fact could also be viewed as forward-looking. This kind of ahead-searching statements contain identified and unfamiliar hazards and uncertainties that involve, devoid of limitation, (i) further more deterioration in the financial problem of our borrowers resulting in important raises in bank loan losses and provisions for those losses, (ii) the additional outcomes of the emergence of common health and fitness emergencies or pandemics, which includes the magnitude and length of the COVID-19 pandemic and its effect on basic financial and monetary market disorders and on our and our customers’ business, outcomes of functions, asset quality and financial condition (iii) deterioration in the real estate marketplace situations in our current market parts, (iv) the effect of improved competitors with other economic institutions, which includes pricing pressures, and the ensuing impact on our final results, which include as a result of compression to our net desire margin, (v) the even further deterioration of the financial system in our marketplace regions, (vi) fluctuations or distinctions in curiosity charges on financial loans or deposits from those that we are modeling or anticipating, which include as a outcome of our incapability to better match deposit rates with the alterations in the brief-term price environment, or that have an effect on the produce curve, (vii) the ability to improve and retain very low-value main deposits, (viii) significant downturns in the business enterprise of a single or much more huge shoppers, (ix) efficiency of our asset management actions in improving upon, resolving or liquidating decreased top quality assets, (x) our incapability to keep the historic, extended-time period expansion rate of our personal loan portfolio, (xi) hazards of growth into new geographic or merchandise markets, (xii) the possibility of enhanced compliance and operational charges as a final result of amplified regulatory oversight, (xiii) our inability to comply with regulatory money demands, like all those resulting from adjustments to money calculation methodologies and demanded cash upkeep degrees, (xiv) modifications in condition or Federal polices, procedures, or laws relevant to financial institutions and other economical provider suppliers, such as regulatory or legislative developments arising out of current unsettled conditions in the economic system, (xv) improvements in funds stages and loan underwriting, credit evaluation or decline reserve policies connected with financial circumstances, examination conclusions, or regulatory developments, (xvi) insufficient allowance for mortgage losses, (xvii) effects of regulatory exams, (xviii) the vulnerability of our network and online banking portals, and the devices of functions with whom we agreement, to unauthorized entry, laptop or computer viruses, phishing strategies, spam assaults, human error, pure disasters, energy loss and other protection breaches, (xix) the possibility of supplemental raises to compliance expenditures as a result of increased regulatory oversight, (xx) approval of the declaration of any dividend by our Board of Directors, (xxi) loss of essential personnel, and (xxii) adverse results (which includes expenditures, fines, reputational hurt and/or other unfavorable results) from present-day or long term compulsory litigation, examinations or other legal and/or regulatory actions. These risks and uncertainties may well bring about our true outcomes or general performance to be materially unique from any potential results or efficiency expressed or implied by such ahead-searching statements. Our upcoming operating final results depend on a number of components which were derived utilizing quite a few assumptions that could result in precise results to vary materially from those projected in forward-hunting statements.
About Mountain Commerce Bancorp, Inc. and Mountain Commerce Bank
Mountain Commerce Bancorp, Inc. is the holding business for Mountain Commerce Financial institution. The Company’s shares of frequent stock trade on the OTCQX below the symbol “MCBI”.
Mountain Commerce Financial institution is a state-chartered financial establishment headquartered in Knoxville, TN. The Financial institution traces its history back again above a century and serves East Tennessee by means of 5 branches situated in Erwin, Johnson City, Knoxville and Unicoi. The Lender focuses on marriage banking of small and medium-sized businesses and substantial web value persons who benefit the personalized company and focus that only a neighborhood financial institution can supply. For further information and facts, please visit us at www.mcb.com.
Supply Mountain Commerce Bancorp, Inc.