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

Redwood Capital Bancorp (OTCMKTS:RWCB) declared that its board has initiated a share repurchase plan on Monday, September 22nd, RTT News reports. The company plans to buyback $1.00 million in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Redwood Capital Bancorp Stock Up 4.6%

Shares of OTCMKTS RWCB opened at $26.15 on Tuesday. Redwood Capital Bancorp has a 1 year low of $20.41 and a 1 year high of $26.15. The firm’s 50-day moving average is $24.63 and its 200-day moving average is $22.92.

About Redwood Capital Bancorp

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.