Redwood Capital Bancorp (OTCMKTS:RWCB) to Repurchase $1.00 million in Outstanding Stock

Redwood Capital Bancorp (OTCMKTS:RWCB) declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 1st, RTT News reports. The company plans to buyback $1.00 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Redwood Capital Bancorp Price Performance

Shares of RWCB stock traded up $0.16 during trading hours on Wednesday, reaching $30.65. The company had a trading volume of 1,533 shares, compared to its average volume of 2,773. The stock has a fifty day moving average of $29.68 and a 200-day moving average of $28.40. Redwood Capital Bancorp has a 12-month low of $20.41 and a 12-month high of $30.84.

About Redwood Capital Bancorp

Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.

The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.