Professional Holding Corp. Replenishes Stock Repurchase Plan: $10 Million Available

Rhea-AI Summary

The Board of Directors at Professional Holding Corp. (NASDAQ:PFHD) has authorized a $10 million increase to its existing stock repurchase program, effective May 6, 2021. This decision aims to enhance shareholder value by allowing the company to repurchase its Class A Common Stock based on market conditions and relevant securities laws. The repurchases can occur through various methods, including market transactions and negotiated deals, and the program can be amended or discontinued at any time.

Positive

• Authorized $10 million increase in stock repurchase program, aiming to enhance shareholder value.
• Flexibility in repurchase strategy allows for market-responsive decisions.

Negative

• None.

CORAL GABLES, FL / ACCESSWIRE / May 5, 2021 / The Board of Directors of Professional Holding Corp. (NASDAQ:PFHD) (the "Company") has authorized an increase in the amount available under its existing stock repurchase program, established March 2, 2020, such that, effective May 6, 2021, $10 million is available to repurchase outstanding shares of the Company's Class A Common Stock. The timing, price and volume of any stock buy-back will be based on market conditions, relevant securities laws, and other factors.

Repurchases of the Company's Class A Common Stock pursuant to the program may be made from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions, block purchases, or pursuant to a Rule 10b5-1 plan. The program may be discontinued or amended at any time.

About Professional Holding Corp. and Professional Bank:

Professional Holding Corp. (NASDAQ: PFHD), is the financial holding company for Professional Bank, a Florida state-chartered bank established in 2008. Professional Bank focuses on providing creative, relationship-driven commercial banking products and services designed to meet the needs of small to medium-sized businesses, the owners and operators of these businesses, professionals, and entrepreneurs. Professional Bank currently operates through a network of nine locations in the regional areas of Miami-Dade, Broward, and Palm Beach counties. It also has a Digital Innovation Center located in Cleveland, Ohio and a loan production office in New England. For more information, visit www.myprobank.com. Member FDIC. Equal Housing Lender.

Media contacts:

BoardroomPR
Todd Templin or Eric Kalis
ttemplin@boardroompr.com / ekalis@boardroompr.com
(954) 370 8999

SOURCE: Professional Holding Corp.

View source version on accesswire.com:
https://www.accesswire.com/645025/Professional-Holding-Corp-Replenishes-Stock-Repurchase-Plan-10-Million-Available

FAQ

What is the purpose of the $10 million stock repurchase program by PFHD?

The purpose of the $10 million stock repurchase program is to enhance shareholder value by repurchasing outstanding shares of the company's Class A Common Stock.

When will the stock buyback for PFHD begin?

The stock buyback program for PFHD is effective starting May 6, 2021.

What factors will influence PFHD's stock repurchase decisions?

The timing, price, and volume of stock repurchases will be based on market conditions, relevant securities laws, and other factors.

How can PFHD execute the stock repurchase?

PFHD can execute the stock repurchase through various means, including market transactions, privately negotiated deals, and block purchases.