Pacific Crest Capital OKs Stock Buyback Plan
Pacific Crest Capital Inc., an Agoura Hills financial services company, said its board of directors approved a stock repurchase program.
The board approved the initial purchase of 30,000 Pacific Crest shares on the open market. Some of the shares may be held by the company for use in a newly approved stock-purchase plan for the directors.
That plan, approved by the company’s shareholders, provides for Pacific Crest directors to receive some or all of their fees in stock instead of cash.
The board also agreed to “periodically review” buying back additional shares beyond the 30,000 initially approved, the company said.
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