Americorp to Repurchase Up to 200,000 Shares

The board of directors for Americorp, the holding company for Ventura County-based American Commercial Bank, has adopted a stock repurchase program for up to 200,000 of its outstanding shares.

Repurchases will be made from time to time over the next three years in open market and privately negotiated transactions. The company has approximately 2.1 million shares of common stock outstanding.

“The board of directors considers Americorp’s stock to be an attractive investment,” said Gerald J. Lukiewski, president and chief executive officer. “Its objective in authorizing the repurchase program is to increase the earnings per share of those shares of Americorp that remain outstanding after the repurchases, as well as shareholder market value generally.”

Americorp and its subsidiary, American Commercial Bank, have assets of more than $240 million. It operates six branches in Ventura, Oxnard and Camarillo.