CB Financial Services, Inc. Authorizes New Stock Repurchase Program of up to 5% of Outstanding Common Stock
23 July 2024 - 6:56AM
Business Wire
CB Financial Services, Inc. (the “Company”) (NASDAQ: CBFV), the
holding company for Community Bank, announced today a program to
repurchase up to 5% of the Company’s outstanding shares of common
stock. Based on the Company’s closing stock price on July 22, 2024,
the program, if fully completed, would encompass 257,095 shares, or
approximately $6.0 million of shares currently outstanding.
Repurchases will not occur until after the Company issues its
earnings release for the quarter ended June 30, 2024, which the
Company expects to do during the week of July 22nd. The repurchase
program will terminate on July 25, 2025, regardless of whether all
shares have been purchased.
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. 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 and
West Virginia. Community Bank offers a broad array of retail and
commercial lending and deposit services.
For more information about CB Financial Services, Inc. and
Community Bank, visit our website at www.cb.bank.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722567184/en/
John H. Montgomery President and Chief Executive Officer Phone:
(724) 223-8317
CB Financial Services (NASDAQ:CBFV)
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