Peoples Bancorp Of North Carolina Announces Buyback - Quick Facts

(RTTNews) - Peoples Bancorp of North Carolina, Inc. (PEBK), the parent company of Peoples Bank, Newton, NC, Tuesday said its Board of Directors has authorized a stock repurchase program, whereby up to $2 million would be allocated to repurchase the company's common stock.

At June 30, the company had assets of $1 billion and stockholder's equity of $93 million.

Lance Sellers, President and Chief Executive Officer, said, "The Board decision to repurchase stock was based on the strength of the Company's balance sheet and capital position. We believe this is an attractive opportunity to enhance shareholder value."

Peoples Bank operates 21 banking offices in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Union, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln and Wake Counties.