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

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

Redwood Capital Bancorp Stock Performance

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

Redwood Capital Bancorp Company Profile

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.