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Southern States Bancshares, Inc. (NASDAQ:SSBK) ("Southern States" or the "Company"), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the "Bank"), today announced that its Board of Directors has approved the renewal of the Company's stock repurchase program.
The initial program, which authorized the Company to repurchase up to $10.0 million of its common stock, was initiated in 2022 and, as of the end of the year, resulted in 345,502 shares repurchased at an average price of $21.29, or $7.4 million in the aggregate. The initial program ended December 31, 2022.
The renewed stock repurchase program authorizes the Company to repurchase up to $10.0 million of its common stock. There have been no purchases in 2023 as of the date of this press release.
Stock repurchases under the renewed program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws (including pursuant to the safe harbor provided under Rule 10b-18 of the Securities Act of 1934, as amended), at the discretion of the management of the Company. The program will be in effect until December 31, 2023, with the timing of purchases and number of shares repurchased under the program dependent upon a variety of factors, including price, trading volume, corporate and regulatory requirements, and market conditions. The Company is not obligated to purchase any shares under the program and it may be suspended or discontinued at any time without notice.
Posted In: SSBK
