BV Financial, Inc. Announces Adoption and Regulatory Non-Objection for Stock Repurchase Program
BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank, has announced the adoption and regulatory non-objection for its first stock repurchase program since completing its mutual-to-stock conversion on July 31, 2023. The program, set to begin no earlier than August 1, 2024, allows for the repurchase of up to 10% of the company's outstanding shares (approximately 1,138,772 shares) through June 30, 2025.
The repurchases may be executed in open market or private transactions, subject to management's discretion and various factors including stock price, market conditions, and the company's financial performance. BV Financial is not obligated to repurchase any specific number of shares or within a specific timeframe. The program aims to provide flexibility in capital management and potentially enhance shareholder value.
BV Financial, Inc. (NASDAQ:BVFL), la holding per BayVanguard Bank, ha annunciato l'adozione e l'assenza di obiezioni normative per il suo primo programma di riacquisto di azioni dalla conclusione della sua conversione da mutua a azionaria il 31 luglio 2023. Il programma, che inizierà non prima del 1 agosto 2024, consente il riacquisto di fino al 10% delle azioni in circolazione della società (circa 1.138.772 azioni) fino al 30 giugno 2025.
I riacquisti possono essere effettuati sia sul mercato aperto che in transazioni private, a discrezione della direzione e in base a vari fattori, tra cui il prezzo delle azioni, le condizioni di mercato e le performance finanziarie della società. BV Financial non è obbligata a riacquistare un numero specifico di azioni o entro un determinato lasso di tempo. Il programma mira a fornire flessibilità nella gestione del capitale e potenzialmente a migliorare il valore per gli azionisti.
BV Financial, Inc. (NASDAQ:BVFL), la empresa matriz de BayVanguard Bank, ha anunciado la adopción y la falta de objeciones regulatorias para su primer programa de recompra de acciones desde que completó su conversión de mutual a acción el 31 de julio de 2023. El programa, que comenzará a más tardar el 1 de agosto de 2024, permite la recompra de hasta el 10% de las acciones en circulación de la empresa (aproximadamente 1,138,772 acciones) hasta el 30 de junio de 2025.
Las recompras pueden llevarse a cabo en el mercado abierto o en transacciones privadas, a discreción de la dirección y teniendo en cuenta diversos factores, incluidos el precio de las acciones, las condiciones del mercado y el rendimiento financiero de la empresa. BV Financial no está obligada a recomprar un número específico de acciones ni dentro de un plazo determinado. El programa tiene como objetivo proporcionar flexibilidad en la gestión de capital y potencialmente mejorar el valor para los accionistas.
BV Financial, Inc. (NASDAQ:BVFL), BayVanguard Bank의 지주 회사는 2023년 7월 31일 상호에서 주식으로의 전환을 완료한 이후 첫 번째 자사주 매입 프로그램의 도입 및 규제 반대 없음에 대해 발표했습니다. 이 프로그램은 2024년 8월 1일 이전에 시작되며, 회사의 유통 주식의 최대 10%(약 1,138,772주)를 2025년 6월 30일까지 매입할 수 있도록 허용합니다.
재매입은 경영진의 재량에 따라 공개 시장 또는 비공식 거래로 실행될 수 있으며, 주가, 시장 상황 및 회사의 재무 성과와 같은 다양한 요소에 따라 달라질 수 있습니다. BV Financial은 특정 수의 주식을 재매입할 의무가 없으며 특정 시간 내에 완료해야 할 의무도 없습니다. 이 프로그램은 자본 관리의 유연성을 제공하고 잠재적으로 주주 가치를 향상시키는 것을 목표로 합니다.
BV Financial, Inc. (NASDAQ:BVFL), la société mère de BayVanguard Bank, a annoncé l'adoption et l'absence d'objection réglementaire pour son premier programme de rachat d'actions depuis l'achèvement de sa conversion de mutuelle en action le 31 juillet 2023. Le programme, qui ne commencera pas avant le 1er août 2024, autorise le rachat de jusqu'à 10 % des actions en circulation de la société (environ 1 138 772 actions) jusqu'au 30 juin 2025.
Les rachats peuvent être effectués sur le marché libre ou dans le cadre de transactions privées, à la discrétion de la direction et selon divers facteurs, y compris le prix des actions, les conditions du marché et la performance financière de l'entreprise. BV Financial n'est pas obligé de racheter un nombre spécifique d'actions ou dans un délai spécifique. Le programme vise à offrir une flexibilité dans la gestion du capital et à améliorer potentiellement la valeur pour les actionnaires.
BV Financial, Inc. (NASDAQ:BVFL), die Holdinggesellschaft der BayVanguard Bank, hat die Einführung und die regulatorische Zustimmung für ihr erstes Aktienrückkaufprogramm seit der Umwandlung von einer Genossenschaft in eine Aktiengesellschaft am 31. Juli 2023 bekannt gegeben. Das Programm, das spätestens am 1. August 2024 beginnen soll, erlaubt den Rückkauf von bis zu 10 % der ausgegebenen Aktien des Unternehmens (ca. 1.138.772 Aktien) bis zum 30. Juni 2025.
Die Rückkäufe können auf dem offenen Markt oder in privaten Transaktionen durchgeführt werden, abhängig vom Ermessen des Managements und verschiedenen Faktoren wie dem Aktienkurs, den Marktbedingungen und der finanziellen Leistung des Unternehmens. BV Financial ist nicht verpflichtet, eine bestimmte Anzahl von Aktien zurückzukaufen oder dies innerhalb eines bestimmten Zeitraums zu tun. Das Programm zielt darauf ab, Flexibilität im Kapitalmanagement zu bieten und potenziell den Shareholder-Wert zu erhöhen.
- Authorization to repurchase up to 10% of outstanding shares
- Potential to enhance shareholder value through stock buybacks
- Flexibility in capital management strategy
- Regulatory approval from Federal Reserve Bank of Richmond
- Program cannot start until August 1, 2024, due to regulatory restrictions
- timeframe for repurchase program (expires June 30, 2025)
- No obligation to repurchase shares, which may lead to uncertainty
Insights
BV Financial's announcement of a stock repurchase program marks a significant milestone for the company, coming exactly one year after its mutual-to-stock conversion. This move signals confidence in the company's financial position and future prospects.
The program's key features include:
- Repurchase of up to 10% of outstanding shares (approximately 1,138,772 shares)
- Effective from August 1, 2024 to June 30, 2025
- Flexibility in repurchase methods, including open market, private transactions and block trades
From an investor's perspective, this program could have several implications:
1. Enhanced Shareholder Value: By reducing the number of outstanding shares, earnings per share (EPS) could potentially increase, making each remaining share more valuable.
2. Market Signal: The repurchase program may be interpreted as management's belief that the stock is undervalued, potentially boosting investor confidence.
3. Capital Allocation: This decision suggests that management sees share repurchases as a more attractive use of capital compared to other alternatives like dividends or reinvestment.
4. Flexibility: The program's design allows management to adjust repurchases based on market conditions and other factors, providing a balanced approach to capital management.
However, investors should note that the company is not obligated to repurchase any specific number of shares and the program's impact will depend on its execution and market conditions. As always, it's important to consider this move within the broader context of the company's financial health and growth strategy.
The regulatory aspects of BV Financial's stock repurchase program are noteworthy and demonstrate the company's compliance with federal regulations. Key legal points include:
- Non-objection received from the Federal Reserve Bank of Richmond, a important regulatory approval
- Adherence to the one-year waiting period post mutual-to-stock conversion, as mandated by federal regulations
- Compliance with Rule 10b-18 of the Securities and Exchange Commission for open market purchases
- Potential implementation of a Rule 10b5-1 trading plan, which provides a safe harbor from insider trading allegations
These measures reflect BV Financial's commitment to regulatory compliance and good corporate governance. The company's transparency in disclosing the program's details, including its limitations and the factors that may influence its execution, aligns with best practices in shareholder communication.
Investors should be aware that while the program has received regulatory non-objection, its implementation remains subject to ongoing compliance with securities laws and regulations. The company's ability to suspend, terminate, or modify the program at any time provides flexibility but also means that the full extent of the repurchase is not guaranteed.
From a legal standpoint, this announcement appears to be well-structured and in line with regulatory requirements, which should provide some reassurance to shareholders regarding the program's legitimacy and the company's governance practices.
BALTIMORE, MD / ACCESSWIRE / July 30, 2024 / BV Financial, Inc. (the "Company") (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), announced today that the Company has adopted, and received the non-objection of the Federal Reserve Bank of Richmond (the "Federal Reserve") to initiate, a stock repurchase program for up to
Once initiated, shares of the Company's common stock may be repurchased pursuant to the program in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program will expire on June 30, 2025, unless extended by the Board of Directors pursuant to further non-objection from the Federal Reserve.
Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by the Company 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 Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.
About BV Financial, Inc.
BV Financial, Inc. is the parent company of BayVanguard Bank. The Bank is headquartered in Baltimore, Maryland with thirteen branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting and tax principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services, a failure in or breach of our operational or security systems or infrastructure, including cyber attacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged, the failure to maintain current technologies and the failure to retain or attract employees.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contacts:
David M. Flair and Timothy L. Prindle
Co-President and Chief Executive Officers
BV Financial, Inc.
(410) 477-5000
SOURCE: BV Financial, Inc.
View the original press release on accesswire.com
FAQ
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