Civista Bancshares, Inc. Announces Share Repurchase Program, From Time To Time, Up To An Aggregate $13.5M Of Its Outstanding Common Shares

Author: Benzinga Newsdesk | April 18, 2024 04:21pm

Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today announced that the Board of Directors has approved a stock repurchase program authorizing Civista to purchase, from time to time, up to an aggregate $13.5 million of its outstanding common shares. This new program replaces the prior share repurchase program approved by the Board of Directors which had authorized Civista to purchase up to an aggregate of $13.5 million common shares and would have expired on April 18, 2024, with an aggregate of $1.5 million purchased through the replacement date.

Dennis G. Shaffer, Civista's President and CEO commented, "We remain committed to our strategy of growing our franchise. Provided we have a level of comfort, the repurchase program will allow us to be opportunistic and further deliver value to our shareholders."

Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. 

There is no guarantee as to the exact number or value of shares that will be repurchased by Civista, and Civista may discontinue repurchases at any time that management determines additional repurchases are not warranted. The timing and amount of share repurchases under the stock repurchase program will depend on several factors, including Civista's stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. The repurchase program will continue until April 15, 2025.

Posted In: CIVB