SOURCE: First PacTrust Bancorp, Inc.

May 26, 2005 17:06 ET

First PacTrust Bancorp, Inc. Announces Quarterly Dividend and Stock Repurchase Program

CHULA VISTA, CA -- (MARKET WIRE) -- May 26, 2005 -- First PacTrust Bancorp, Inc. (NASDAQ: FPTB), the holding company for Pacific Trust Bank, announced its intention today to repurchase up to 225,000 shares of its common stock, or approximately 4.95% of its outstanding shares, in the open market, in block trades or in privately negotiated transactions. These shares will be purchased from time to time over a twelve-month period depending upon market conditions. The repurchase program is effective immediately, and supplants a previous stock repurchase program in which a total of 212,400 shares were repurchased at an average price of $23.51 per share during the twelve month period ended May 17, 2005. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.

The Company also announced today that its Board of Directors has declared a quarterly cash dividend of thirteen cents ($0.13) per share on its outstanding common stock. The dividend will be payable on June 24, 2005 to shareholders of record as of June 10, 2005.

Hans R. Ganz, President and Chief Executive Officer of the Company, indicated that the Board of Directors approved the repurchase program in view of the current price level of the Company's common stock and the strong capital position of the Company's subsidiary, Pacific Trust Bank. Mr. Ganz stated: "We believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the Company and our stockholders. And, this ninth consecutive increase to our quarterly dividend reflects our commitment to enhance shareholder value."

As of March 31, 2005, the Company had consolidated total assets of $700.3 million and stockholders' equity of $80.3 million, with 4,543,500 shares of common stock currently outstanding. The Company's stock is traded on the Nasdaq Stock Market under the symbol "FPTB".

Contact Information

  • Contact:
    Hans Ganz
    President and CEO
    Phone: (619) 691-1519, ext. 4000