Ohio Valley Banc Corp. Announces Stock Buyback Program

Rhea-AI Summary

Ohio Valley Banc Corp. (OVBC) has authorized a $5 million stock buyback program, allowing for the periodic repurchase of its outstanding common shares. These repurchases will depend on market conditions and may occur in the open market or through private transactions. The shares repurchased will be held as treasury stock for general corporate purposes. This program is set to expire on August 31, 2022, and can be amended or terminated by the Board at any time.

Positive

• Authorization of a $5 million buyback program may increase shareholder value.
• Potential reduction in shares outstanding could enhance earnings per share (EPS).

Negative

• None.

GALLIPOLIS, Ohio, July 23, 2021 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") announced the Board of Directors has authorized the repurchase of up to $5 million in shares of the Company's outstanding common stock.

Repurchases will be made periodically depending on market conditions and other factors. Repurchases may be made in the open market, through block trades and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Commission or otherwise, and also in privately negotiated transactions.

The repurchased shares will be held as treasury stock and will be available for general corporate purposes. The exact number of shares to be repurchased by the Company is not guaranteed. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or periodically without prior notice.

The stock buyback program has an expiration date of August 31, 2022, and may be terminated or amended by the Board at any time prior to the expiration date.

About Ohio Valley Banc Corp.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. The holding company owns The Ohio Valley Bank Company, with 15 offices in Ohio and West Virginia, and Loan Central, Inc. with six consumer finance offices in Ohio. Learn more about Ohio Valley Banc Corp. at www.ovbc.com.

Contact:  Scott Shockey, CFO (740) 446-2631

View original content:https://www.prnewswire.com/news-releases/ohio-valley-banc-corp-announces-stock-buyback-program-301340390.html

SOURCE Ohio Valley Banc Corp.

FAQ

What is the purpose of Ohio Valley Banc Corp's stock buyback program?

The stock buyback program aims to repurchase outstanding shares to increase shareholder value and utilize treasury stock for corporate purposes.

How much has Ohio Valley Banc Corp. allocated for its stock buyback?

Ohio Valley Banc Corp. has authorized up to $5 million for its stock buyback program.

When does the stock buyback program for OVBC expire?

The stock buyback program is set to expire on August 31, 2022.

Can the stock buyback program for OVBC be changed or canceled?

Yes, the Board of Directors can amend or terminate the stock buyback program at any time prior to the expiration date.