HILLSDALE, Mich.–(BUSINESS WIRE)–CNB Community Bancorp, Inc. (the “Company”; OTCQX: CNBB), the parent company of County National Bank (the “Bank”), today announced its Board of Directors recently approved a new share repurchase program. Under the share repurchase program, the Company is authorized to repurchase up to $2.5 million of common stock in the open market or through privately negotiated transactions, as market conditions warrant and subject to applicable legal, regulatory, and capital requirements, but does not obligate the Company to repurchase any specified number of shares.
The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of the Company and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities and other factors. The share repurchase program expires December 31, 2026.
“This share repurchase program reflects our confidence in the strength of our balance sheet and the long-term value of our company,” said Joseph R. Williams, President and CEO. “The program represents a disciplined and strategic use of our capital. The program reinforces our commitment to a key pillar of our strategy, enhancing of shareholder value, while maintaining our ability to be flexible in our growth plans.”
The Company intends to fund repurchases from its existing funding source supplemented, if needed, by a dividend from County National Bank. The stock repurchase program may be suspended, terminated or modified at any time without notice and does not obligate the Company to repurchase any shares. Repurchases, if any, are not intended to support or stabilize the market price of the Company’s common stock.
About CNB Community Bancorp Inc.
CNB Community Bancorp, Inc. (OTCQX: CNBB) is a one-bank holding company formed in 2005. Its subsidiary bank, County National Bank, is a nationally chartered full-service bank, which has served its local communities since its founding in 1934. CNB Community Bancorp, Inc. is headquartered in Hillsdale, Michigan and through its subsidiary bank offers banking products along with investment management and trust services to communities located throughout southern Michigan.
Safe Harbor Statement
This news release and other releases and reports issued by the Company may contain “forward-looking statements.” The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company is including this statement for purposes of taking advantage of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contacts
Investor Contact:
Erik A. Lawson, CFO
[email protected] 517-439-6115
Media Contact:
Craig S. Connor, Chairman of the Board
Joseph R. Williams, President & CEO
