The National Capital Bank of Washington (NCB) announced today that its Board of Directors has approved a stock repurchase offer. Under this limited-time offer, NCB may repurchase up to $1.0 million, or 4,651 shares, of NCB’s common stock for $215 per share. The repurchase offer will be open to all shareholders until June 21, 2018, unless extended. The Office of the Comptroller of the Currency granted approval for the stock repurchase on March 23, 2018 as required by 12 CFR 5.46 and 12 CFR 7.2020 and NCB’s shareholders approved the stock repurchase at NCB’s annual meeting of shareholders held May 23, 2018.
In the event more than 4,651 shares are tendered by selling shareholders, each tendering shareholder will be given priority for the purchase of up to 100 shares after which shares will be purchased on a pro rata basis. Shares which have been tendered and not purchased by the Bank pursuant to this offer will be returned to the holders.
The National Capital Bank of Washington was founded in 1889 and is Washington’s Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C. and the Courthouse/Clarendon community in Arlington, Virginia. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust online and mobile banking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our community. For more information about NCB, visit www.nationalcapitalbank.com. The Bank trades under the symbol NACB.
Forward Looking Statements
This news release may contain certain forward-looking statements, such as statements of the Bank’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “will,” “intends,” “will be” or “would,” These statements are subject to change based on various important factors (some of which are beyond the Bank’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive.