CMUV Bancorp Announces First Stock Repurchase Program

Rhea-AI Summary

CMUV Bancorp announces stock repurchase program

Positive

• CMUV Bancorp has adopted a stock repurchase program
• The Board authorized the Company to purchase up to $2,000,000 of the Company's stock
• The repurchases can be made through December 31, 2024

Negative

• None.

EL CENTRO, CA, Oct. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire –CMUV Bancorp (OTCQB:CMUV) today announced that the Board of Directors has adopted a stock repurchase program, and authorized entering into a written stock repurchase agreement with a broker-dealer.  That agreement is expected to include a trading plan in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Act of 1934.  The Board authorized the Company to purchase up to $2,000,000 in aggregate purchase price of the Company’s stock in the open market or in privately-negotiated transactions.  The term of the repurchases under the agreement may be made through December 31, 2024.

Forward-looking statements are based on the current beliefs of the Bank’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Bank’s Management.  All statements regarding the Bank’s business strategy and plans and objectives of Management of the Bank for future operations, are forward-looking statements.

Contact: Jon A. Edney, President/CEO
Phone (760) 352-1889, mediarelations@yourcvb.com

FAQ

What did CMUV Bancorp announce?

CMUV Bancorp announced a stock repurchase program.

How much stock can the Company purchase?

The Company is authorized to purchase up to $2,000,000 of its stock.

What is the duration of the repurchases?

The repurchases can be made through December 31, 2024.