Redwood Capital Bancorp (OTCMKTS:RWCB) Board of Directors Approves Share Buyback Plan

Redwood Capital Bancorp (OTCMKTS:RWCB) declared that its board has approved a stock buyback plan on Friday, November 21st, RTT News reports. The company plans to buyback $1.00 million in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Redwood Capital Bancorp Trading Up 0.4%

Shares of OTCMKTS:RWCB opened at $27.71 on Friday. The company’s fifty day moving average is $26.82 and its 200 day moving average is $24.54. Redwood Capital Bancorp has a 52 week low of $20.41 and a 52 week high of $28.00.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.