MOCKSVILLE, N.C., June 27 /PRNewswire-FirstCall/ -- Bank of the Carolinas
Corporation (Nasdaq: BCAR) ('Company') announced today that the Company's
Board of Directors has authorized the Company to repurchase up to 398,737
shares, or 10%, of the Company's outstanding common stock during the year
following the Board's action. Under the program, repurchases may be made from
time to time by the Company in the open market, in block purchases, or in
solicited or unsolicited privately negotiated transactions in accordance with
Securities and Exchange Commission (SEC) rules and subject to factors such as
market price, the Company's operating results and available cash, general
economic and market conditions, and other conditions.
In conjunction with the share repurchase authorization, the Board also
authorized the Company to adopt a stock trading plan in accordance with
guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934.
Rule 10b5-1 allows public companies to adopt written, pre-arranged stock
trading plans when they are not in possession of material, non- public
information. The adoption of the stock trading plan will allow the Company to
repurchase its shares during periods when it otherwise might be prevented from
doing so under insider trading laws or because of self-imposed trading
blackout periods. The Board's action approving share repurchases does not
obligate the Company to acquire any particular amount of shares, and it may be
suspended or discontinued at any time at the Company's discretion. Any shares
of stock repurchased by the Company will be cancelled.
'We believe that our stock represents an attractive investment opportunity
for the Company and our shareholders,' commented Robert E. Marziano, the
Company's Chairman, President and Chief Executive Officer. 'We believe the
repurchase program will help create shareholder value through the efficient
use of our capital while still allowing Bank of the Carolinas to take
advantage of growth opportunities in our banking markets. It also reflects
our strong belief in the long-term opportunities for the Company.'
Sandler O'Neill & Partners, L.P. will execute the share repurchase program
for the Company.
This press release may contain, among other things, certain forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, (i) statements regarding
certain of our goals and expectations with respect to earnings, income per
share, revenue, expenses and the growth rate in such items, as well as other
measures of economic performance, including statements relating to estimates
of credit quality trends, and (ii) statements preceded by, followed by or that
include the words 'may,' 'could,' 'should,' 'would,' 'believe,' 'anticipate,'
'estimate,' 'expect,' 'intend,' 'plan,' 'projects,' 'outlook' or similar
expressions. These statements are based upon the current belief and
expectations of our management and are subject to significant risks and
uncertainties that are subject to change based on various factors (many of
which are beyond our control).
CONTACT:
Michelle Clodfelter, Principal Financial Officer, or Joy Chaffin,
Shareholder Relations, both of Bank of the Carolinas Corporation,
1-336-751-5755
SOURCE Bank of the Carolinas Corporation
