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(RTTNews) - California-based community lender RBB Bancorp (RBB) announced on Monday that its board has approved a stock repurchase program of upto 1 million shares through June 30, 2028, and plans to redeem $40 million of subordinated notes.

The buyback represents about $25 million, or 6 percent of outstanding shares, based on current prices.

RBB also intends to redeem $40 million of its 4.0 percent Fixed to Floating Rate Subordinated Notes due March 2031 on July 1. The notes reset in April to a floating rate equal to three-month SOFR plus 329 basis points, or 6.98 percent.

The redemption will cost about $40.7 million including accrued interest, leaving $80 million of the notes outstanding.

The transactions reflect the company's capital position and liquidity and are part of its capital management strategy.

In pre market activity on the Nasdaq, shares of RBB Bancorp were up 1.00 percent, changing hands at $24.99, after closing Friday's regular session 0.98 percent higher.

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