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American River Bankshares Board Gives Its Approval For Increased Stock Buyback Program

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American River Bankshares (NASDAQ: AMRB) revealed that its board has given its approval for increased share buyback program. According to the company, its board gave a 5% target for the current year in January. Following this, shares of the company traded higher on Thursday.

American River Bankshares disclosed that it acquired 5 percent of its outstanding shares in the first quarter successfully at an average cost of $10.29 a share. The company indicated that the increased authorization of the repurchase is for an additional 5 percent of the outstanding shares of its common stock for the current year.

The Company said its earlier authorization reflected a stock repurchase program in 2015 with a repurchase target of about 10 percent, which followed stock repurchase programs in 2012, 2013, and 2014.

American River's President and CEO, David Taber, said "This is the second year in a row that we have announced a mid-year increase in our stock repurchase program. We had a strong increase in our bottom line and the repurchase program helped contribute to the 58% increase in earnings per share from the first quarter of 2015."

Shares traded 2.68 percent higher on Thursday following the news.

 

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