GREENVILLE, N.C.--(BUSINESS WIRE)--UB Bancorp (OTCQX: UBNC), the parent holding company of Union Bank, announces that its Board of Directors has approved the repurchase of up to 1.5% of its 5,978,851 common shares outstanding.

UB Bancorp (the “Company”) will acquire these shares in the open market, making its program available to shareholders on an equitable basis. Actual repurchases will be subject to the availability of stock in the marketplace, general market conditions, and trading price, as well as consideration of alternative uses for the capital and the Company’s financial performance.

Rob Jones, President and Chief Executive Officer, stated, “Management and the Board of Directors will evaluate potential stock repurchases and execute on transactions that are believed to be beneficial to shareholders. The stock repurchase program is a direct reflection of the Company’s strong asset quality metrics and capital position.”

UB Bancorp and Union Bank are headquartered in Greenville, North Carolina and operate 14 branches located in 11 counties throughout Eastern and Central North Carolina. The Company’s stock is traded on the OTCQX Markets under the symbol UBNC. The Bank’s website is www.unionbanknc.com.