Summit Bank Group, Inc. Announces Adoption of Repurchase Program
Summit Bank Group (OTC Pink: SBKO) has announced its first stock repurchase program since its holding company formation in 2020. The program authorizes the repurchase of up to $1,000,000 worth of common stock shares, set to begin on or after November 20, 2024. The repurchases may occur through open market or private transactions, with timing and volume depending on factors including stock availability, market conditions, trading price, and the company's financial performance. The company maintains operations in Eugene, Bend, and Portland, specializing in services for professionals and medium-sized businesses.
Summit Bank Group (OTC Pink: SBKO) ha annunciato il suo primo programma di riacquisto di azioni dalla formazione della sua holding nel 2020. Il programma autorizza il riacquisto di azioni comuni per un valore fino a $1,000,000, con inizio previsto entro o dopo il 20 novembre 2024. I riacquisti possono avvenire tramite operazioni di mercato aperto o private, con tempistiche e volumi che dipendono da fattori come la disponibilità delle azioni, le condizioni di mercato, il prezzo di trading e le performance finanziarie dell'azienda. L'azienda opera a Eugene, Bend e Portland, specializzandosi in servizi per professionisti e imprese di dimensioni medie.
Summit Bank Group (OTC Pink: SBKO) ha anunciado su primer programa de recompra de acciones desde la formación de su empresa matriz en 2020. El programa autoriza la recompra de hasta $1,000,000 en acciones ordinarias, que comenzará en o después del 20 de noviembre de 2024. Las recompras pueden realizarse a través de operaciones en el mercado abierto o transacciones privadas, con tiempos y volúmenes que dependen de factores como la disponibilidad de acciones, las condiciones del mercado, el precio de negociación y el rendimiento financiero de la empresa. La compañía mantiene operaciones en Eugene, Bend y Portland, especializándose en servicios para profesionales y medianas empresas.
서밋 뱅크 그룹 (OTC Pink: SBKO)은 2020년 홀딩스 설립 이후 처음으로 주식 재매입 프로그램을 발표했습니다. 이 프로그램은 $1,000,000 상당의 보통주 재매입을 승인하며, 2024년 11월 20일 이후로 시작될 예정입니다. 재매입은 공개 시장 또는 개인 거래를 통해 이루어질 수 있으며, 타이밍과 규모는 주식 가용성, 시장 조건, 거래 가격 및 회사의 재무 성과와 같은 요인에 따라 달라집니다. 이 회사는 유진, 벤드, 포틀랜드에서 운영 중이며, 전문직과 중소기업을 위한 서비스에 특화되어 있습니다.
Summit Bank Group (OTC Pink: SBKO) a annoncé son premier programme de rachat d'actions depuis la création de sa société mère en 2020. Le programme autorise le rachat d'actions ordinaires d'une valeur allant jusqu'à $1,000,000, devant commencer le 20 novembre 2024 ou après. Les rachats peuvent avoir lieu par le biais de transactions sur le marché libre ou privées, avec des délais et des volumes dépendant de facteurs tels que la disponibilité des actions, les conditions du marché, le prix de négociation et la performance financière de l'entreprise. La société maintient des opérations à Eugene, Bend et Portland, se spécialisant dans les services pour les professionnels et les entreprises de taille moyenne.
Summit Bank Group (OTC Pink: SBKO) hat sein erstes Aktienrückkaufprogramm seit der Gründung seiner Holdinggesellschaft im Jahr 2020 angekündigt. Das Programm genehmigt den Rückkauf von bis zu $1,000,000 an Stammaktien, das voraussichtlich am oder nach dem 20. November 2024 beginnen wird. Die Rückkäufe können durch den offenen Markt oder private Transaktionen erfolgen, wobei Zeit und Volumen von Faktoren wie der Verfügbarkeit von Aktien, den Marktbedingungen, dem Handelspreis und der finanziellen Leistung des Unternehmens abhängen. Das Unternehmen ist in Eugene, Bend und Portland tätig und spezialisiert sich auf Dienstleistungen für Fachleute und mittelständische Unternehmen.
- Authorization of $1,000,000 stock repurchase program indicates financial strength and commitment to shareholder value
- Company's first buyback program since 2020 suggests positive cash flow position
- None.
Repurchases are expected to commence on or after November 20, 2024. Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.
Summit Bank Group, Inc.
Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in
Forward-Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events or results and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, inflation, changes in the interest rate environment, general economic conditions or conditions within the securities markets, potential recessionary conditions, changes in asset quality, charge-offs and loan loss provisions, changes in demand for our products and services, legislative, accounting, tax and regulatory changes, including changes in the monetary and fiscal policies of the Board of Governors of the Federal Reserve System, the continuing impact of the COVID-19 pandemic on our business and results of operation, political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, natural disasters or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company’s financial condition and results of operations and the business in which the Company and the Bank are engaged.
Accordingly, you should not place undue reliance on forward-looking statements. The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.
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Craig Wanichek
President and Chief Executive Officer
Summit Bank Group, Inc.
(541) 684-7500
Source: Summit Bank Group, Inc.
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