MCLEAN,
Va., Dec. 21, 2023 /PRNewswire/ -- Primis
Financial Corp. (NASDAQ: FRST) ("Primis" or the "Company"), today
announced that the board of directors of the Company (the "Board")
approved a new stock repurchase program for up to 740,600 of the
outstanding shares of the Company's common stock (the "Stock
Repurchase Program"). The Stock Repurchase Program will conclude on
December 21, 2024, subject to the
earlier termination or extension of the Stock Repurchase Program by
the Board or the total shares designated for the Stock Repurchase
Program are depleted. The Company's previous stock repurchase
program expired with no shares repurchased.
Under the Stock Repurchase Program, the Company may repurchase
shares of common stock from time to time in open market purchases
or privately negotiated transactions. Any open market repurchases
will be conducted in accordance with the limitations set forth in
Rule 10b-18 promulgated under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and other applicable legal requirements. Repurchases under the
Stock Repurchase Program may also be made pursuant to a trading
plan under Rule 10b5-1 under the Exchange Act, which would permit
shares to be repurchased by the Company when the Company might
otherwise be precluded from doing so because of self-imposed
trading blackout periods or other regulatory restrictions. The
extent to which the Company repurchases its shares, and the timing
of such repurchases, will depend upon a variety of factors,
including the performance of the Company's stock price, general
market and economic conditions, regulatory requirements,
availability of funds, and other relevant considerations, as
determined by the Company. The Company may, in its discretion,
begin or terminate repurchases at any time prior to the Stock
Repurchase Program's expiration, without any prior notice. The
Stock Repurchase Program does not obligate the Company to
repurchase any particular number or amount of shares of common
stock.
About Primis Financial Corp.
As of September 30, 2023, Primis
had $3.8 billion in total assets,
$3.1 billion in total loans and
$3.3 billion in total deposits.
Primis Bank provides a range of financial services to individuals
and small- and medium-sized businesses through twenty-four
full-service branches in Virginia
and Maryland and provides services
to customers through certain online and mobile applications.
Contacts:
|
Address:
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Dennis J. Zember, Jr.,
President and CEO
|
Primis Financial
Corp.
|
Matthew A. Switzer, EVP
and CFO
|
1676 International
Drive, Suite 900
|
Phone: (703)
893-7400
|
McLean, VA
22102
|
|
|
Primis Financial Corp.,
NASDAQ Symbol FRST
|
|
Website:
www.primisbank.com
|
|
Forward-Looking Statements
This press release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute "forward-looking statements" within the meaning of, and
subject to the protections of, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of
historical fact are forward-looking statements. Such statements can
generally be identified by such words as "may," "plan,"
"contemplate," "anticipate," "believe," "intend," "continue,"
"expect," "project," "predict," "estimate," "could," "should,"
"would," "will," and other similar words or expressions of the
future or otherwise regarding the outlook for the Company's future
business and financial performance and/or the performance of the
banking industry and economy in general. These forward-looking
statements include, but are not limited to, our expectations
regarding our future operating and financial performance, including
our outlook and long-term goals for future growth and new offerings
and services; our expectations regarding net interest margin;
expectations on our growth strategy, expense management, capital
management and future profitability; expectations on credit quality
and performance; and the assumptions underlying our
expectations.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve known and unknown risks and uncertainties which may
cause the actual results, performance or achievements of the
Company to be materially different from the future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are based on
the information known to, and current beliefs and expectations of,
the Company's management and are subject to significant risks and
uncertainties. Actual results may differ materially from those
contemplated by such forward-looking statements. Factors that might
cause such differences include, but are not limited to: the
Company's ability to implement its various strategic and growth
initiatives, including its recently established Panacea Financial
and Life Premium Finance Divisions, new digital banking platform,
V1BE fulfillment service and Primis Mortgage Company; competitive
pressures among financial institutions increasing significantly;
changes in applicable laws, rules, or regulations, including
changes to statutes, regulations or regulatory policies or
practices; changes in management's plans for the future; credit
risk associated with our lending activities; changes in interest
rates, inflation, loan demand, real estate values, or competition;
changes in accounting principles, policies, or guidelines; adverse
results from current or future litigation, regulatory examinations
or other legal and/or regulatory actions; potential impacts of
adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; potential increases in the provision for credit losses;
and other general competitive, economic, political, and market
factors, including those affecting our business, operations,
pricing, products, or services.
Forward-looking statements speak only as of the date on which
such statements are made. These forward-looking statements are
based upon information presently known to the Company's management
and are inherently subjective, uncertain and subject to change due
to any number of risks and uncertainties, including, without
limitation, the risks and other factors set forth in the Company's
filings with the Securities and Exchange Commission, the Company's
Annual Report on Form 10-K for the year ended December 31, 2022, under the captions "Cautionary
Note Regarding Forward-Looking Statements" and "Risk Factors," and
in the Company's Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the
occurrence of unanticipated events. Readers are cautioned not to
place undue reliance on these forward-looking statements.
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SOURCE Primis Financial Corp.