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Exhibit
99.9
FIRST COMMUNITY BANK
CORPORATION
OF AMERICA
2007 STOCK REPURCHASE
PLAN
On November 13, 2007,
the Board of Directors (“Board”) of First Community
Bank Corporation of America (“FCBA”) authorized
management to establish a Stock Repurchase Plan (“Repurchase
Plan”), whereby FCBA will be able to purchase shares of its
common stock in the open market as such shares become available.
The following sets forth the terms and parameters of the Repurchase
Plan established by the Board of Directors.
General
First Community Bank
Corporation of America is a unitary savings and loan
holding company and parent company of First Community Bank of
America, a federally-chartered stock savings bank located in
Pinellas County, Florida. FCBA has two wholly-owned subsidiaries,
First Community Bank of America and First Community Lender
Services, Inc. FCBA, First Community Bank of America and First
Community Lender Services, Inc. are collectively referred to herein
as the “Company.” At December 31, 2006, the
Company had consolidated total assets of $390,899,000 and
$33,682,000 in stockholders’ equity. The Company had net
earnings of $3,652,000 for 2006.
The Board and management have
examined the potential impact of the Stock Repurchase Plan on
FCBA’s earnings per share, book value and return on equity.
The consolidated earnings of FCBA have steadily increased since
2005, and FCBA has no reason to believe that such trends will not
continue. FCBA believes it will continue to generate capital
through retained earnings in an amount which will significantly
exceed its requirement for any planned growth or expansion plans.
To enhance FCBA’s return on equity, it is the opinion of the
Board and management that the surplus capital of FCBA should be
used to repurchase its outstanding shares. The intent of the
Repurchase Plan is to further enhance the liquidity of FCBA’s
common stock. The current market for bank stocks in general has
created an opportunity for FCBA to repurchase its stock at an
attractive price. The Board and management believe that the
Repurchase Plan will assist FCBA in its objective to remain a
strong, independent Florida financial institution, while creating
value for its shareholders.
Stock Repurchase Plan
The repurchase of shares by
FCBA is subject to the Florida Business Corporation Act (Section
607.0631, Florida Statutes ); the Securities Exchange Act of
1934, and the rules and regulations promulgated thereunder,
specifically Rule 10b-18; the Rules of the Federal Reserve Board,
specifically 12 C.F.R. §225.4 and the Bank Holding Company Act
of 1956, and the rules and regulations promulgated thereunder.
Based upon the Company’s earnings for the year ending
December 31, 2006, and on the projected earnings for 2007, and
after considering the Company’s current working capital
requirements, FCBA intends to initially purchase up to a maximum of
100,000 shares under the terms of this Repurchase Plan.
The Repurchase Plan will be
conducted pursuant to the following terms and
conditions:
| 1. |
As of the effective date of the Repurchase Plan, 22,000,000
shares of common stock were authorized, with 4,082,002 shares
issued and outstanding. |
| 2. |
The common stock to be purchased is currently held by
approximately 665 shareholders. |
| 3. |
FCBA is not in the process of conducting a public or private
offering of its common stock. Purchases under the Repurchase Plan
will be suspended at any time the FCBA is engaged in a public or
private offering, or a tender offer. |
| 4. |
At the option of the Board, the repurchases will be made either
in the open market or in a private transaction as set forth in
paragraph 8. |
| 5. |
FCBA shall not engage in any repurchases during the periods
between the fifth trading day prior to the end of a quarter and the
third day following the availability of financial information for
that quarter, which (if not available as part of a Form 10-Q, Form
10-K or Form 8-K) shall be provided to the selling shareholder
prior to the repurchase of stock. |
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