ITLA Capital Corporation Announces Extension of Stock Repurchase Program
October 18 2005 - 7:07PM
PR Newswire (US)
LA JOLLA, Calif., Oct. 18 /PRNewswire-FirstCall/ -- ITLA Capital
Corporation (NASDAQ:ITLA) announced today that its Board of
Directors has approved the eleventh 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 tenth extension, which
the Company announced in March 2005. 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 September 30, 2005, we have repurchased approximately
3,250,000 shares, returning approximately $87 million of capital to
our shareholders, which is approximately $9 million more than the
capital we raised from our initial and secondary stock offerings."
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 27 lending
offices located in California, Nevada, Arizona, Texas, the
Southeast, the Mid Atlantic states, the Metro New York area, and
New England. For further information, please contact Timothy M.
Doyle, Executive Managing Director and Chief Financial Officer of
ITLA Capital Corporation, +1-858-551-0511. DATASOURCE: ITLA Capital
Corporation CONTACT: Timothy M. Doyle, Executive Managing Director,
CFO of ITLA Capital Corporation, +1-858-551-0511 Web site:
http://www.itlacapital.com/
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