Community Bankers Trust Corporation Announces New Share Repurchase Program
Community Bankers Trust Corporation (NASDAQ: ESXB) has authorized a buyback program for up to 1,000,000 shares of its common stock, effective through February 2022. The program allows for purchases in open market or private transactions. CEO Rex L. Smith, III, emphasized that this initiative supports long-term growth and enhances shareholder value. The timing and method of share repurchases will be influenced by market conditions and price. There is no guarantee that shares will be repurchased, as the Board may modify or terminate the program as needed.
- Authorization of up to 1,000,000 share buyback will enhance shareholder value.
- Focus on balancing capital strength and total shareholder return.
- Purchases depend on market conditions, posing uncertainty for shareholders.
- No assurance of share repurchase as the program can be modified or terminated.
RICHMOND, Va., March 3, 2021 /PRNewswire/ -- Community Bankers Trust Corporation (NASDAQ: ESXB), the holding company for Essex Bank, announced today that its Board of Directors has authorized the repurchase of up to 1,000,000 shares of its common stock through February 2022. Shares of common stock may be purchased under the program periodically in privately negotiated transactions or in open market transactions at prevailing market prices, and pursuant to a trading plan in accordance with applicable securities laws.
Rex L. Smith, III, the Company's President and Chief Executive Officer, stated, "We remain focused on our key growth strategies for 2021, including maintaining a balance between capital strength and total shareholder return. The use of our capital through this program is an important opportunity toward long-term growth, value enhancement and price efficiency for our shareholders."
The actual means and timing of any purchases, target number of shares and prices or range of prices under the repurchase program, which the Company will determine in its discretion, will depend on a number of factors, including the market price of the Company's common stock, share issuances under the Company's equity plans, general market and economic conditions, and applicable legal and regulatory requirements. The Company's Board of Directors may modify, amend or terminate the program at any time. There is no assurance that the Company will purchase any shares under the program.
About Community Bankers Trust Corporation and Essex Bank
Community Bankers Trust Corporation is the holding company for Essex Bank, a Virginia state bank with 24 full-service offices, 18 of which are in Virginia and six of which are in Maryland. The Bank also operates two loan production offices.
Additional information on the Bank is available on the Bank's website at www.essexbank.com. For information on Community Bankers Trust Corporation, please visit its website at www.cbtrustcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements about the Company's share repurchases and strategic plans and objectives. These statements are made on the basis of the Company's views and assumptions as of this time, and the Company undertakes no obligation to update these statements unless required by law. These statements are not a guarantee of future performance, and actual events or results may differ materially from these statements. Investors should consult the periodic and other reports that the Company files from time to time with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in each of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the period ended September 30, 2020) for information about certain factors, risks and uncertainties that could cause such differences. Copies of these filings may be obtained by visiting the Company's website at www.cbtrustcorp.com.
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SOURCE Community Bankers Trust Corporation
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