First PacTrust Bancorp, Inc. Announces Stock Repurchase Program, Up to 1M Shares

First PacTrust Bancorp, Inc. FPTB announced today that its Board of Directors has authorized the repurchase of up to 1,000,000 shares of its common stock, or approximately 8.6% of its outstanding shares, in the open market over the period of one year. The repurchase program, which is effective immediately, will be funded through the Company's existing cash and repurchased shares, if any, will be available for general corporate purposes. Purchases made pursuant to the program will be made in either the open market, in block trades, or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.