1st Century Bancshares, Inc. (NASDAQ: FCTY) the holding company for 1st Century Bank, N.A, has completed a stock repurchase program which began in September 2008. Prior to the start of the stock repurchase program, the company's Board had authorized the purchase of up to $5 million of its common stock over a 24 month period.
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The company has repurchased 1,163,800 shares of common stock for an average of $4.30 per share. The repurchase represent an approximate 20% discount from its book value at September 30, 2009. Even after repurchasing about 10% of its outstanding common stock, the Bank is one of the most well capitalized banks in Southern California.
About 1st Century Bancshares, Inc.
1st Century Bancshares, Inc. is the bank holding company of 1st Century Bank, N.A., a full service commercial bank headquartered in the Century City area of Los Angeles. The Bank's primary focus is relationship banking to family owned and closely held small and middle market businesses, professional service firms and high net worth individuals, real estate investors, medical professionals, and entrepreneurs.
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