Civista Bancshares, Inc. Announces Share Repurchase Program

Rhea-AI Summary

Civista Bancshares, Inc. (NASDAQ:CIVB) announced a $13.5 million stock repurchase program approved by the Board of Directors to replace the prior program. The program aims to enhance shareholder value by allowing the company to repurchase its outstanding common shares through open market transactions or negotiated deals until April 15, 2025.

SANDUSKY, Ohio, April 18, 2024 /PRNewswire/ -- 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.

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Civista Bancshares, Inc., is a $3.9 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 43 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Leasing & Finance, a division of Civista Bank, offers commercial equipment leasing services for businesses nationwide. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-share-repurchase-program-302121198.html

SOURCE Civista Bancshares, Inc.

FAQ

What did Civista Bancshares, Inc. announce?

Civista Bancshares, Inc. announced a $13.5 million stock repurchase program approved by the Board of Directors.

How much in common shares is Civista authorized to repurchase?

Civista is authorized to repurchase up to an aggregate of $13.5 million of its outstanding common shares.

Until when will the stock repurchase program continue?

The stock repurchase program will continue until April 15, 2025.

How can Civista repurchase shares under the 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.

Who commented on the announcement from Civista?

Dennis G. Shaffer, Civista's President and CEO, commented on the announcement.