OVBC announces extension of Stock Buyback Program

Rhea-AI Summary

Ohio Valley Banc Corp. (OVBC) announced the extension of its stock buyback program until August 31, 2023, originally set to expire this year. The program allows for the repurchase of up to $5 million in shares. As of August 17, 2022, approximately $954,000 in common stock had already been repurchased. The company emphasizes that there are no changes to the program besides the extension, which reflects a commitment to enhancing shareholder value.

Positive

• Extension of stock buyback program until August 31, 2023.
• Authorization for up to $5 million in share repurchases indicates strong confidence in the company's future.
• Approximately $954,000 in common stock repurchased as of August 17, 2022.

Negative

• None.

GALLIPOLIS, Ohio, Aug. 18, 2022 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") announced the Board of Directors has authorized the extension date of its existing stock buyback program to August 31, 2023.

The program was originally approved by the board in 2021 and was set to expire August 31 of this year. With the extension, the share repurchase program will continue to authorize the repurchase of up to $5 million in shares of the Company's outstanding common stock.

Other than the extension of the program for an additional year, no changes were made to the stock buyback program.

As of August 17, 2022, the Company had repurchased approximately $954,000 in common stock. The program 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. Ohio Valley Banc Corp. is based in Gallipolis, Ohio. The company owns The Ohio Valley Bank Company, with 16 offices in Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio. The Ohio Valley Bank Company opened a new online consumer direct mortgage company in the fall of 2021 called Race Day Mortgage. 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/ovbc-announces-extension-of-stock-buyback-program-301608943.html

SOURCE Ohio Valley Banc Corp.

FAQ

What is the extension date for Ohio Valley Banc Corp.'s stock buyback program?

The extension date for the stock buyback program is August 31, 2023.

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

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

How much stock has Ohio Valley Banc Corp. repurchased as of August 17, 2022?

As of August 17, 2022, Ohio Valley Banc Corp. has repurchased approximately $954,000 in common stock.

Are there any changes to the stock buyback program besides the extension?

No, there are no changes to the stock buyback program other than the extension.

What is the significance of the stock buyback program for OVBC shareholders?

The stock buyback program aims to enhance shareholder value by potentially increasing the stock price through reduced shares outstanding.