SEC Filing Summary: First PacTrust Bancorp, Inc.
Business Context and Reporting Period
This Form 8-K was filed on May 17, 2004, by First PacTrust Bancorp, Inc., a Maryland corporation headquartered in Chula Vista, California. The filing reports a material corporate action regarding a new stock repurchase program authorized by the Board of Directors.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the authorization of a share buyback program rather than financial performance results.
Material Changes
The primary material change is the immediate authorization of a stock repurchase program. Management is permitted to repurchase up to 5% of the Company's outstanding common stock over the next 12 months. Repurchases may occur via open market transactions, block trades, or privately negotiated sales. Acquired shares will be held as treasury stock for general corporate purposes.
Guidance, Outlook, and Risks
The filing does not contain forward-looking financial guidance, management commentary on future earnings, or specific risk factors beyond the standard execution of the repurchase program. The program is effective immediately upon the date of the filing.
Key Facts for Investor Verification
- Verify the total number of outstanding shares to calculate the exact volume of shares eligible for repurchase under the 5% cap.
- Confirm the current market price of the stock to assess the potential capital outlay for the program.
- Review the attached news release (Exhibit 99.1) for any additional details on the rationale for the buyback.
- Monitor future filings for actual repurchase activity and treasury stock balances.