WALNUT CREEK, Calif.--(BUSINESS WIRE)--Bay Commercial Bank (OTCQB: BCML) (the “Bank”) today announces its 2013 Annual Meeting of Shareholders is scheduled for Tuesday September 17, 2013 at 5:30 pm. The Bank will also be holding an Open House in celebration of the relocation of its corporate office to 500 Ygnacio Valley Road Suite 200, Walnut Creek, California.
The Board of Directors of the Bank is proposing a repurchase of up to 5% of the outstanding common shares. This proposal requires shareholder approval. All shareholders of record on July 19, 2013 are encouraged to cast their vote.
George J. Guarini, Chief Executive Officer of the Bank, stated “The repurchase of some of our common shares 1) is beneficial to those shareholders looking for an exit strategy 2) improves our book value per share and 3) enhances the metrics for the improvement in price per share. We encourage all shareholders who owned stock as of July 19, 2013 to vote and are welcomed to attend the meeting and open house.”
Bay Commercial Bank offers a full-range of loan, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates throughout the Greater Bay Area. Bay Commercial Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. Its full service branches in California are located at 500 Ygnacio Valley Road, Walnut Creek; 155 Grand Avenue, Oakland; 3895 E. Castro Valley Blvd, Castro Valley; 700 E. El Camino Mountain View; and 960 School Street, Napa. Bay Commercial Bank is a member of FDIC and is an Equal Housing Lender. It is traded on the Over the Counter Bulletin Board under the symbol BCML. The Bank can be found on the web at www.baycommercialbank.com.