Amerant Bancorp Inc. Announces New Share Repurchase Program
20 December 2022 - 12:30AM
Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”)
today announced that its Board of Directors authorized a new share
repurchase program (the “New Repurchase Program”), pursuant to
which the Company may purchase, from time to time, up to an
aggregate amount of $25 million of its shares of Class A common
stock. The New Repurchase Program will be effective from January 1,
2023 until December 31, 2023. The Company will not, however,
repurchase shares prior to the release of 4Q 2022 earnings in
January 2023.
Jerry Plush, Chairman and CEO, stated, “We are
pleased to announce that our Board has authorized this new buyback
program, as this will provide us with the flexibility to make
prudent capital management decisions that we believe are in the
best long-term interests of our shareholders. We believe having an
authorization in place is an essential component of a capital
management program to return value to shareholders, and we intend
to opportunistically repurchase shares from time to time while
preserving sufficient capital to support our future growth.”
Repurchases under the New Repurchase Program may
be made in the open market, by block purchase, in privately
negotiated transactions or otherwise in compliance with Rule 10b-18
under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). Repurchases of the Company’s shares of Class A
common stock (and the timing thereof) will depend upon market
conditions, regulatory requirements, other corporate liquidity
requirements and priorities and other factors as may be considered
in the Company’s sole discretion. Repurchases may also be made
pursuant to a trading plan under Rule 10b5-1 under the Exchange
Act, which would permit shares to be repurchased when the Company
might otherwise be precluded from doing so because of self-imposed
trading blackout periods or other regulatory restrictions. The New
Repurchase Program does not obligate the Company to repurchase any
particular amount of Class A common stock and may be suspended or
discontinued at any time without notice.
About Amerant Bancorp Inc. (NASDAQ:
AMTB)
Amerant Bancorp Inc. is a bank holding company
headquartered in Coral Gables, Florida since 1979. The Company
operates through its main subsidiary, Amerant Bank, N.A. (the
“Bank”), as well as its other subsidiaries: Amerant Investments,
Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The
Company provides individuals and businesses in the U.S. with
deposit, credit and wealth management services. The Bank, which has
operated for over 40 years, is the largest community bank
headquartered in Florida. The Bank operates 23 banking centers – 16
in South Florida and 7 in the Houston, Texas area, as well as an
LPO in Tampa, Florida. For more information, visit
investor.amerantbank.com.
Cautionary Notice Regarding
Forward-Looking Statements
This Press Release on Form 8-K contains
“forward-looking statements” including statements with respect to
the Company’s objectives, expectations and intentions and other
statements that are not historical facts. Such forward-looking
statements include statements concerning the Company’s
expectations, plans, and projections. All statements other than
statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking
statements through our use of words such as “may,” “will,”
“anticipate,” “assume,” “should,” “indicate,” “would,” “believe,”
“contemplate,” “expect,” “estimate,” “continue,” “plan,” “point
to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,”
“modeled,” “dedicated,” “create,” and other similar words and
expressions of the future.
Forward-looking statements, including those
relating to our beliefs, plans, objectives, goals, expectations,
anticipations, estimates and intentions, involve known and unknown
risks, uncertainties and other factors, which may be beyond our
control, and which may cause the Company’s actual results,
performance, achievements, or financial condition to be materially
different from future results, performance, achievements, or
financial condition expressed or implied by such forward-looking
statements. You should not rely on any forward-looking statements
as predictions of future events. You should not expect us to update
any forward-looking statements, except as required by law. All
written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice,
together with those risks and uncertainties described in “Risk
Factors” in our annual report on Form 10-K for the fiscal year
ended December 31, 2021, our quarterly reports on Form 10-Q for the
quarters ended March 31, 2022, June 30, 2022, and September 30,
2022 and in our other filings with the U.S. Securities and Exchange
Commission (the “SEC”), which are available at the SEC’s website
www.sec.gov.
CONTACTS:InvestorsLaura
RossiInvestorRelations@amerantbank.com(305) 460-8728
MediaSilvia M.
LarrieuMediaRelations@amerantbank.com(305) 441-8414
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