Fresno-based Premier Valley Bank plans to buy back up to $3 million worth of the company's stock over the next year.
The bank's board announced the stock repurchase plan on Monday. The plan calls for buying back stock either on the open market or through private transactions, depending on market conditions, through May 2015.
At the stock's recent trading prices in over-the-counter transactions, the repurchase represents about 4% of the bank's common stock.
An earlier stock repurchase program authorized a year ago bought back more than 370,000 shares for a total of $2.25 million. In 2012, another repurchase of just over $1 million bought back almost 179,000 shares.
Premier Valley Bank (PVLY) stock opened trading Monday at $6 per share, down 10 cents from Friday's close, and didn't move.