STURGEON BAY, Wis., May 21, 2015 /PRNewswire/ -- The Baylake Corp. (the "Company") (NASDAQ: BYLK), holding company for Baylake Bank, Board of Directors on May 19, 2015 extended the common stock repurchase program, originally approved on May 23, 2013 and modified on April 15, 2014, allowing for up to an additional 400,000 shares of its common stock to be repurchased. In addition, the allotted time period for the repurchase to occur was extended for a year to May 30, 2016. This increases the total shares authorized for repurchase to 1.2 million shares. This program will allow the Company to continue to repurchase its shares as opportunities arise at prevailing market prices in the open market or privately negotiated transactions, the extent of such repurchases being dependent upon market conditions and other corporate considerations. Since inception, 588,000 shares of common stock have been repurchased under this program.
"The action taken by the Baylake Corp. Board of Directors continues to support our ongoing intent to enhance shareholder returns while prudently managing Baylake Corp.'s capital levels," said Robert J. Cera, President and CEO of Baylake Corp. and Baylake Bank.
The Company serves Northeast Wisconsin from 20 community financial centers throughout Brown, Door, Kewaunee, and Outagamie Counties. The Company recently announced the signing of a definitive agreement to acquire NEW Bancshares, Inc., headquartered in Kewaunee, Wisconsin with four locations in Kewaunee, Manitowoc, and Brown Counties.
SOURCE Baylake Corp.