Centric Financial Corporation Approves Stock Repurchase Program

Rhea-AI Summary

Centric Financial Corporation (CFCX) announced a Stock Repurchase Program to buy back up to 8.25% of its outstanding shares. This initiative aims to enhance shareholder value and provide liquidity. The repurchases will be executed at the Company's discretion based on market conditions, price, and regulatory requirements. Centric Bank, the Company's affiliated bank, has shown strong performance, being a recognized community bank with over $1.01 billion in assets. The program is seen as a commitment to boosting investor confidence in the future performance of CFCX.

Positive

• Approval of Stock Repurchase Program to buy back 8.25% of outstanding shares.
• Aim to enhance shareholder value and provide liquidity.
• Centric Bank's significant assets over $1.01 billion boost investor confidence.

Negative

• Repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, which may lead to uncertainty in execution.

HARRISBURG, Pa., Sept. 14, 2020 /PRNewswire/ -- Centric Financial Corporation (OTCPINK: CFCX), ("the Company"), the holding company for Centric Bank, today announced that its Board of Directors has approved a Stock Repurchase Program to repurchase up to 8.25% of the Company's outstanding shares.   

"The primary role of the repurchase plan is to provide liquidity for shareholders and to provide a foundation for increasing shareholder value," said Patricia A. Husic, President and CEO of Centric Financial Corporation.

Repurchases under the authorized program may be made from time to time at the Company's discretion in open market transactions, through block trades, or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended, or discontinued at any time.

ABOUT CENTRIC FINANCIAL CORPORATION AND CENTRIC BANK
An American Banker 2019 and 2018 Best Banks to Work For, three-time American Banker Most Powerful Women in Banking Top Team, three-time Best Places to Work, and a seven-time Top 50 Fastest-Growing Companies, Centric Bank is headquartered in south central Pennsylvania with assets over $1.01 billion and remains a leader in organic loan growth. A locally owned, locally loaned community bank, Centric Bank provides highly competitive and pro-growth financial services to businesses, professionals, individuals, families, and to the health care and dental industries with the Doctor Centric Bank Division. Centric Bank is a Top 10 SBA 7(a) Lender in the Eastern District of Pennsylvania and one of the Top 200 Community Banks under $2 billion in assets in the U.S. for 2019 and 2020.

Founded in 2007, Pennsylvania-based Centric Bank has financial centers located in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon and Lancaster, and loan production offices in Devon, Lancaster and Doylestown, and an Operations and Executive Office campus in Hampden Township, Cumberland County. To learn more about Centric Bank, call 717.657.7727 or visit CentricBank.com. Connect with them on Twitter, Facebook, LinkedIn, and Instagram.

Centric Financial Corporation is traded over the counter (OTC-Pink) with the ticker symbol CFCX.

Safe Harbor Statement
Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Because of these risks and uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. In addition, our past results of operations do not necessarily indicate our future results. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact: Patricia A. Husic
Tel. 717-909-8309
phusic@centricbank.com

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SOURCE Centric Financial Corporation, Inc.

FAQ

What is the purpose of Centric Financial's stock repurchase program for CFCX?

The stock repurchase program aims to enhance shareholder value and provide liquidity.

When was the stock repurchase program approved for CFCX?

The stock repurchase program was announced on September 14, 2020.

What percentage of outstanding shares will Centric Financial repurchase?

Centric Financial plans to repurchase up to 8.25% of its outstanding shares.

How will the repurchase of CFCX shares be executed?

Repurchases may occur through open market transactions, block trades, or negotiated transactions, depending on market conditions.

What are the risks associated with Centric Financial's stock repurchase program?

The program does not obligate the Company to repurchase a specific amount of shares, which may result in execution uncertainties.