ITLA Capital Corporation Announces Extension of Stock Repurchase Program
10 März 2005 - 1:21AM
PR Newswire (US)
ITLA Capital Corporation Announces Extension of Stock Repurchase
Program LA JOLLA, Calif., March 9 /PRNewswire-FirstCall/ -- ITLA
Capital Corporation (NASDAQ:ITLA) announced today that its Board of
Directors has approved the tenth extension of its stock repurchase
program of up to an additional five percent of its outstanding
shares. The Company has substantially completed the repurchase of
shares authorized under the ninth extension, which the Company
announced in September 2004. Under this program, management may
acquire, at its discretion, shares of outstanding common stock of
the Company through purchases on the open market or in privately
negotiated transactions. President and Chief Executive Officer
George Haligowski stated that: "The extension of this program
continues the effective use of our capital resources and provides
orderly liquidity in the open market for the Company's outstanding
common stock. From the inception of our stock repurchase program in
1997 through December 31, 2004, we have repurchased a total of
2,869,502 shares, returning approximately $67.2 million of capital
to our shareholders. Considering that our 2004 Contributed Capital
was $69.3 million, I'm proud to note that we will have returned all
of the Company's Contributed Capital to the market shortly after
beginning repurchases under this tenth extension of the repurchase
program". Repurchased shares may become treasury shares and will be
utilized in the normal course of the Company's capital management
activities, including the potential funding of employee benefit
programs. The timing of repurchases will be based on a number of
factors, including the price of the Company's stock and general
market conditions. This program is not intended to affect the "well
capitalized" regulatory designation of the Company or its principal
operating subsidiary, Imperial Capital Bank. "Safe Harbor"
statement under the Private Securities Litigation Reform Act of
1995: This release contains forward looking statements that are
subject to risks and uncertainties, including, but not limited to,
changes in economic conditions in the Company's market areas,
changes in policies by regulatory agencies, the impact of
competitive loan products, loan demand risks, the quality or
composition of the loan or investment portfolios, increased costs
from pursuing the national expansion of our small balance
multifamily lending platform and operational challenges inherent in
implementing this expansion strategy, fluctuations in interest
rates, and changes in the relative differences between short and
long term interest rates, levels of non-performing assets, and
operating results, the economic impact of terrorist actions and
other risks detailed from time to time in the Company's filings
with the Securities and Exchange commission. The Company cautions
readers not to place undue reliance on any forward-looking
statements. The Company does not undertake and specifically
disclaims any obligation to revise any forward-looking statements
to reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. These risks could
cause the Company's actual results for 2005 and beyond to differ
materially from those expressed in any forward looking statements
by, or on behalf of, the Company. ITLA Capital Corporation is the
largest financial services company headquartered in San Diego,
California, and conducts its operations through Imperial Capital
Bank and Imperial Capital Real Estate Investment Trust. Imperial
Capital Bank has seven retail branch locations and twenty-five
lending offices located in the Western United States, the
Southeast, the Mid-Atlantic States, the Ohio Valley, the Metro New
York area, and New England. For further information, please contact
Timothy M. Doyle, Senior Managing Director and Chief Financial
Officer of ITLA Capital Corporation, +1-858-551-0511. DATASOURCE:
ITLA Capital Corporation CONTACT: Timothy M. Doyle, Senior Managing
Director, CFO of ITLA Capital Corporation, +1-858-551-0511 Web
site: http://www.itlacapital.com/
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