National Capital Bancorp, Inc. ($NACB), the holding company for The National Capital Bank of Washington, has announced the approval of a new share repurchase program by its Board of Directors. This program allows for the repurchase of up to $900,000 worth of shares, with a limit not exceeding 18,000 shares, which represents approximately 1.5% of the company’s outstanding shares. The buyback program is set to expire on February 28, 2027.
Shares may be purchased from time to time in open market or private transactions, depending on market conditions and other business considerations. Management retains complete discretion over the timing and quantity of shares repurchased, and the program does not obligate the company to buy any specific number of shares. Furthermore, it can be suspended, modified, or terminated at any time without prior notice.
“We are excited to announce approval of the share repurchase program, which we believe will be beneficial to the Company and its continuing shareholders and a good use of excess capital,” said Bank CEO Jimmy Olevson.
Founded in 1889, National Capital Bancorp is Washington's oldest bank. The National Capital Bank of Washington is headquartered on Capitol Hill and has additional offices in Friendship Heights, Arlington, and Bethesda. NCB provides a range of financial services, including personal and business deposit accounts, eBanking, treasury management solutions, and wealth management services.
The bank is well-positioned to meet the diverse banking needs of its communities. More information about NCB can be found at www.nationalcapitalbank.bank.
This announcement may contain forward-looking statements regarding the company's plans and expectations. Readers are cautioned not to place undue reliance on these statements as actual results may differ due to various factors, including general economic conditions and regulatory considerations.
For further inquiries, please contact Randal J. Rabe, EVP and Chief Financial Officer at 202-546-8000 or via email at rrabe@nationalcapitalbank.bank.
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