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LOS ANGELES - American Business Bank (OTCQX:AMBZ), a $432 million market cap financial institution currently trading near its 52-week high at $48.30, announced Thursday the completion of its stock repurchase program, which resulted in the buyback of 227,541 shares, representing approximately 2.5% of its previously outstanding common stock. The bank acquired the shares at an average price of $44.03 per share, contributing to its impressive 36% return over the past year.
The bank’s Board of Directors has authorized a second stock repurchase program to buy back 205,453 shares, or about 2.3% of its current outstanding common stock. The implementation of this new program is pending regulatory approval, according to a press release statement. InvestingPro analysis suggests the stock is currently undervalued, with additional insights showing the company maintains strong financial health metrics.
American Business Bank is headquartered in downtown Los Angeles and provides financial services to business clients including wholesalers, manufacturers, service businesses, professionals, and non-profit organizations. The bank maintains eight Loan Production Offices across Southern California, located in Anaheim, Irvine, Torrance, Woodland Hills, Corona, Ontario, Long Beach, and San Diego. Trading at an attractive P/E ratio of 9.25, the bank has demonstrated solid operational performance. Unlock more valuable insights with InvestingPro, which offers 5+ additional exclusive tips for this stock.
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