CB Financial Services, Inc. Authorizes New Stock Repurchase Program of up to $7.5 Million
11 June 2021 - 6:16AM
Business Wire
CB Financial Services, Inc. (the “Company”) (NASDAQ: CBFV), the
holding company for Community Bank, announced today that its Board
of Directors has authorized a program to repurchase up to $7.5
million of the Company’s outstanding common stock, which would
represent total shares of 339,673, or approximately 6.3% of the
outstanding shares based on the Company’s closing stock price on
June 9, 2021 if all eligible shares are repurchased. The program is
effective as of June 14, 2021 and authorized through June 13,
2022.
Concurrent with the authorization of the new repurchase program
the Company terminated the previously announced repurchase program
authorized in November 2019 and subsequently suspended in April
2020.
Management Commentary
John H. Montgomery, President and Chief Executive Officer,
stated “We remain focused on our key growth strategies for 2021,
including balancing capital strength and total shareholder return.
The use of our capital through this program will establish an
effective mechanism for capital management, while providing
additional market liquidity for our common shares outstanding. At
the present time we view this as a prudent use of our liquidity
while maintaining our strong capital levels, and along with a
consistent quarterly dividend, demonstrates our ongoing commitment
to providing fundamental value for shareholders.”
Repurchases may be transacted in the open-market or in
negotiated private transactions and will be conducted pursuant to a
trading plan adopted in accordance with limitations set forth in
Rule 10b5-1 of the Securities and Exchange Commission. The Rule
10b5-1 repurchase plan allows the Company to repurchase its shares
during periods when it would normally not be active in the market
due to its internal trading blackout period. Repurchases will be
made at management’s discretion at prices management considers to
be attractive and in the best interests of both the Company and its
stockholders, subject to various factors, including but not limited
to, the availability of stock, general market conditions, the
trading price of the stock, alternative uses for capital, and the
Company’s financial performance. The repurchase program may be
suspended, terminated or modified at any time for any reason,
including market conditions, the cost of repurchasing shares, the
availability of alternative investment opportunities, liquidity,
and other factors deemed appropriate. These factors may also affect
the timing and amount of share repurchases. The repurchase program
does not obligate the Company to purchase any particular number of
shares.
About CB Financial Services,
Inc.
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank. Community
Bank operates its branch network in southwestern Pennsylvania, West
Virginia, and Ohio. Community Bank offers a broad array of retail
and commercial lending and deposit services and provides commercial
and personal insurance brokerage services through Exchange
Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial Services, Inc. and
Community Bank, visit our website at www.communitybank.tv.
Forward Looking
Statements
This press release contains certain forward-looking statements
about the stock repurchase program. Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could” or “may.” Certain factors that could cause actual results
to differ materially from expected results include delays in
completing the proposed repurchase program, changes in the interest
rate environment, changes in the market price of the Company’s
common stock, changes in the general economic conditions,
legislative and regulatory changes that adversely affect the
business of the Company and Community Bank, changes in the
securities markets, and other factors disclosed in the Company’s
periodic filings with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210610005784/en/
Company Contact: John H. Montgomery
President and Chief Executive Officer Phone: (724) 225-2400
Investor Relations: Adam Prior,
Senior Vice President The Equity Group, Inc. Phone: (212) 836-9606
Email: aprior@equityny.com
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