Redwood Capital Bancorp (OTCMKTS:RWCB) to Repurchase $1.00 million in Outstanding Shares

Redwood Capital Bancorp (OTCMKTS:RWCB) declared that its board has approved a share buyback program on Wednesday, April 1st, RTT News reports. The company plans to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Redwood Capital Bancorp Stock Performance

RWCB stock opened at $31.13 on Friday. Redwood Capital Bancorp has a 1-year low of $20.41 and a 1-year high of $31.13. The business has a 50 day simple moving average of $29.72 and a two-hundred day simple moving average of $28.42.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.

The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.