BAKERSFIELD, Calif., April 28, 2025 /PRNewswire/ -- Mission Bancorp (OTC Pink: MSBC), announced today that its Board of Directors has extended its stock repurchase plan and approved a 5.00% stock dividend.
"The approval of this annual stock dividend is a result of our Company's hard work and determination during a year of uncertainty. Our deposit growth in 2024 set us apart from the rest, and I look forward to what we will accomplish in 2025," said President and Chief Executive Officer, AJ Antongiovanni. "We are dedicated to our customers and the communities we serve, and our outstanding performance is proof that hard work reaps reward."
Stock Repurchase Plan
The Company announced on October 28, 2024, the extension of its plan under Rule 10b5-1 (the "2022 10b5-1 Plan") to facilitate the repurchase of its common stock. Pursuant to the 2022 10b5-1 Plan, a maximum of $1.0 million of the Company's common stock may be repurchased by the Company. The 2022 10b5-1 Plan was set to expire on April 24, 2025, and has been extended for an additional 6 months through October 23, 2025. In connection with the extension, the Company has increased the Plan's authorized common stock repurchase amount by $2.0 million, bringing the total authorized repurchase to a maximum of $3.0 million. Remaining funds associated with the prior authorization will be removed from the Plan and the Company may suspend or discontinue the Plan at any time. Hilltop Securities, Inc. is acting as the Company's agent to purchase its shares on pre-arranged terms pursuant to the 2022 10b5-1 Plan. Since Plan inception the Company has repurchased 13,522 shares at an average price of $89.24. The extension of the stock repurchase program acts as an ongoing capital management resource.
Stock Dividend
The annual 5.00% stock dividend will be issued on June 2, 2025 ("the Effective Date"), to shareholders of record as of May 19, 2025 ("the Record Date").
About Mission Bancorp (MSBC)
With $1.9 billion in assets, Mission Bancorp is headquartered in Bakersfield, California and is the holding company of four wholly owned subsidiaries, Mission Bank, Mission 1031 Exchange, LLC, Mission Community Development, LLC, and Nosbig 88, Inc. Mission Bank has eight Business Banking Centers, serving the greater areas of Bakersfield, Lancaster, San Luis Obispo, Stockton, Ventura, and Visalia, California. Visit Mission Bank online at www.missionbank.bank. By including the foregoing website address, Mission Bancorp does not intend to, and shall not be deemed to incorporate by reference any material contained therein.
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SOURCE Mission Bank