Oakworth Capital, Inc. Announces Stock Repurchase Program

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Oakworth Capital, Inc. (OAKC) announces a $5 million stock repurchase program approved by its Board of Directors, allowing the repurchase of outstanding shares over a two-year period through various means.

BIRMINGHAM, Ala., March 25, 2024 /PRNewswire/ -- Oakworth Capital, Inc. (the "Company") (OTCQX: OAKC), the parent company of Oakworth Capital Bank, today announced that its Board of Directors (the "Board") approved a stock repurchase program under which the Company may repurchase up to $5 million in aggregate amount of its outstanding shares of common stock through open market purchases, privately-negotiated transactions, or otherwise in compliance with applicable securities laws. These shares may be purchased from time to time over a two-year period depending upon a number of factors including, among others, market conditions, the Company's ongoing capital planning considerations, applicable legal requirements and compliance with the terms of its outstanding indebtedness.

About Oakworth Capital, Inc. and Oakworth Capital Bank
Oakworth Capital, Inc. (OTCQX: OAKC) operates as the bank holding company for Oakworth Capital Bank (Oakworth). Oakworth was founded in 2008 and operates four offices in the Southeast, including its headquarters in Birmingham, Alabama. Oakworth provides commercial and private banking, wealth management and advisory services to clients across the United States.

Oakworth has been named the #1 "Best Bank to Work for" for the past six years in a row (2018-2023) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (FY2023) and has a client retention rate of 97% in 2023. As of December 31, 2023, Oakworth had $1.6 billion in total assets, $1.2 billion in gross loans, $1.4 billion in deposits and $2.0 billion in wealth and trust assets under management. For more information, visit www.oakworth.com.

For more information contact:
Scott Reed
Phone:  205-263-4703
Email: scott.reed@oakworth.com

 

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SOURCE Oakworth Capital Inc.

FAQ

What did Oakworth Capital, Inc. (OAKC) announce?

Oakworth Capital, Inc. announced a $5 million stock repurchase program approved by its Board of Directors.

How much can the Company repurchase under the program?

The Company may repurchase up to $5 million in aggregate amount of its outstanding shares of common stock.

Over what period can the shares be repurchased?

The shares may be repurchased from time to time over a two-year period.

Through what means can the shares be repurchased?

The shares can be repurchased through open market purchases, privately-negotiated transactions, or otherwise in compliance with applicable securities laws.

What factors will determine the repurchase timing?

Factors determining the repurchase timing include market conditions, the Company's capital planning considerations, legal requirements, and compliance with outstanding indebtedness terms.