Eugene, Ore.-based Pacific Continental Corporation, the holding company of Pacific Continental Bank, on Tuesday announced that its board of directors has authorized the repurchase of up to five 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 percent of previous quarter's net earnings using a combination of share repurchases, regular and special cash dividends," said CEO Hal Brown in a release.
The share purchases may be made from time to time on the open market in compliance with applicable state and federal securities laws, the company said.
Pacific Continental stock, trading as PCBK, fell 19 cents, or 1.41 percent, to $13.24 in Tuesday trading. The stock is trading in the mid-range of its 52-week high-low of $16.28 and $10.82.