CCB, Inc. Announces Adoption of Stock Repurchase Plan
Myrtle Beach, South Carolina – December 1, 2020 – Coastal Carolina Bancshares, Inc. (OTCQX: CCNB) (the “Company”), parent company of Coastal Carolina National Bank, today announced that its board of directors has adopted a stock repurchase plan. Under the repurchase plan, the Company may repurchase up to 100,000 of the currently outstanding shares of its common stock.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases and negotiated transactions at prevailing market prices will be conducted in accordance with applicable legal and regulatory requirements. The repurchase program may be suspended, terminated or modified at any time for any reason. There is no guarantee as to the exact number of shares that will be repurchased by the Company.
Laurence S. Bolchoz, president and chief executive officer of the Company, commented, “We are pleased to announce this stock repurchase plan, which reflects the board’s confidence in our future, and our commitment to managing our capital in a manner which we believe will enhance shareholder value.”
This press release appears as a matter of record only and shall not constitute an offer to sell or the solicitation of an offer to buy securities.
About Coastal Carolina Bancshares, Inc.
Coastal Carolina Bancshares, Inc. is the bank holding company of Coastal Carolina National Bank, a Myrtle Beach-based community bank serving Horry, Georgetown, Aiken, Richland, Greenville, Spartanburg, and Brunswick (NC) counties. Coastal Carolina National Bank is a locally operated financial institution focused on providing personalized service and offers a full range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses. Headquartered in Myrtle Beach, SC, the Bank also has branches in Garden City, North Myrtle Beach, Conway, Aiken, Columbia and Greenville, as well as a Loan Production Office in Spartanburg, South Carolina. Through the substantial experience of our local management and Board of Directors, we seek to enhance value for our shareholders, build lasting customer relationships, benefit our communities and give our employees a meaningful career opportunity.
Caution Regarding Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business. Coastal Carolina Bancshares, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
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