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SOURCE Pacific Continental Corporation
Board of directors authorize stock repurchases of up to 5% of outstanding shares
EUGENE, Ore., May 6, 2014 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today announced its board of directors recently authorized the repurchase of up to 5 percent of the Company's outstanding shares, or approximately 892,000 shares. The purchases will take place during a 12-month period.
"Since the first quarter of 2012 the Company has managed its strong capital position by returning 100% of previous quarter's net earnings using a combination of share repurchases, regular and special cash dividends," said Hal Brown, chief executive officer.
The share purchases may be made from time to time on the open market in compliance with applicable state and federal securities laws. The timing and amounts of any repurchase will be based on market conditions and other factors, including the current price and business outlook as well as potential other opportunities to utilize capital. The Company is under no obligation to repurchase a specific number or dollar amount of shares, and the program may be suspended, modified or discontinued at any time without notice.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through 14 banking offices in Oregon and Washington. The Bank also operates two loan production offices. With $1.5 billion in assets, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.
Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations including The Seattle Times, the Portland Business Journal and Oregon Business magazine. A complete list of the company's awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online at http://www.therightbank.com/. Pacific Continental Corporation's shares, a component of the Russell 2000 Index, are listed on the Nasdaq Global Select Market under the symbol "PCBK."
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