Redwood Capital launches up to $1M share buyback program

Community bank holding company Redwood Capital (OTCQX:RWCB) announced on Tuesday an up to $1M stock repurchase program, effective through September 30.

The company said this is its first stock repurchase program.

Shares may be repurchased in open market or private transactions. 

The company expects to fund the buybacks from the existing internal funds, with additional support from dividends received from the unit Redwood Capital Bank.