FinWise Bancorp Announces Share Repurchase Program
18 August 2022 - 10:30PM
FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent
company of FinWise Bank (the “Bank”), today announced that its
Board of Directors has approved a share repurchase program that
authorizes the Company to repurchase up to 5% of its total number
of shares of outstanding common stock as of August 16, 2022, or
644,241 shares. The repurchases will be made at the Company’s
discretion through August 31, 2024.
“We are pleased to announce that our Board has
authorized a share repurchase program, as we are always committed
to enhancing long-term shareholder value,” said Kent Landvatter,
Chief Executive Officer of FinWise. “Beyond returning capital to
shareholders, we remain committed to opportunistically invest in
our business to further differentiate our unique business
model.”
Under the repurchase program, the Company may,
from time to time and on or before the program's expiration date,
repurchase shares of its outstanding common stock in the open
market, in privately-negotiated transactions, or otherwise, subject
to applicable laws and regulations. The extent to which the Company
repurchases its shares, and the means and timing of such
repurchases, will depend upon a variety of factors, including
market conditions, regulatory requirements, availability of funds,
and other relevant considerations, as determined by the Company.
The repurchase program does not obligate the Company to purchase
any particular number of shares. The Company may, in its
discretion, begin, suspend, limit or terminate repurchases at any
time prior to the program's expiration, without any prior notice.
Repurchases may also be made pursuant to a trading plan under Rule
10b5-1 under the Securities Exchange Act of 1934, as amended, 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
Company expects to fund repurchases under the program with its
available cash balances.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company
headquartered in Murray, Utah. FinWise operates through its
wholly-owned subsidiary, FinWise Bank, a Utah state-chartered
non-member bank. FinWise currently operates one full-service
banking location in Sandy, Utah. FinWise is a nationwide lender to
and takes deposits from consumers and small businesses. Learn more
at www.finwisebancorp.com.
Contacts
investors@finwisebank.commedia@finwisebank.com"Safe
Harbor" Statement Under the Private Securities Litigation Reform
Act of 1995
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect the
Company’s current views with respect to, among other things, future
events and its financial performance. These statements are often,
but not always, made through the use of words or phrases such as
“may,” “might,” “should,” “could,” “predict,” “potential,”
“believe,” “will likely result,” “expect,” “continue,” “will,”
“anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,”
“projection,” “forecast,” “budget,” “goal,” “target,” “would,”
“aim” and “outlook,” or the negative version of those words or
other comparable words or phrases of a future or forward-looking
nature. These forward-looking statements are not historical facts,
and are based on current expectations, estimates and projections
about the Company’s industry and management’s beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond the Company’s control. The
inclusion of these forward-looking statements should not be
regarded as a representation by the Company or any other person
that such expectations, estimates and projections will be achieved.
Accordingly, the Company cautions you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements.
The matters discussed in these forward-looking
statements are subject to various risks, uncertainties and other
factors that could cause actual results and trends to differ
materially from those made, projected, or implied in or by the
forward-looking statements, including (i) the market price of the
Company's common stock prevailing from time to time, (ii) the
nature of other investment opportunities presented to the Company
from time to time and (iii) the Company’s cash flows from
operations. If one or more events related to these or other risks
or uncertainties materialize, or if the Company’s underlying
assumptions prove to be incorrect, actual results may differ
materially from its forward-looking statements. Accordingly, you
should not place undue reliance on any such forward-looking
statements. For a discussion of factors that could affect the
Company’s business and financial results, see the “Risk Factors”
listed from time to time in the Company’s filings with the
Securities and Exchange Commission, including, without limitation,
its Annual Report on Form 10-K for the year ended December 31, 2021
and subsequent reports on Form 10-Q and Form 8-K.
Any forward-looking statement speaks only as of
the date of this release, and the Company does not undertake any
obligation to publicly update or review any forward-looking
statement, whether because of new information, future developments
or otherwise, except as required by law. New risks and
uncertainties may emerge from time to time, and it is not possible
for the Company to predict their occurrence. In addition, the
Company cannot assess the impact of each risk and uncertainty on
its business or the extent to which any risk or uncertainty, or
combination of risks and uncertainties, may cause actual results to
differ materially from those contained in any forward-looking
statements.
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