First US Bancshares, Inc. Announces Extension of Share Repurchase Program
December 21 2016 - 4:00PM
First US Bancshares, Inc. (the “Company”) (Nasdaq:FUSB), a Delaware
corporation based in Thomasville, Alabama, announced today that its
Board of Directors has extended the Company’s existing share
repurchase program pursuant to which the Company may repurchase up
to 642,785 shares of its common stock. The repurchase program
originally approved by the Company’s Board of Directors on January
19, 2006 has been extended to expire on December 31, 2017. To
date, the Company has repurchased approximately 400,482 shares of
common stock under the share repurchase program. Share
repurchases under the repurchase program may be made through open
market and privately negotiated transactions at times and in such
amounts as management deems appropriate in accordance with
regulatory requirements. The repurchase program does not
obligate the Company to acquire any particular number of shares and
may be suspended at any time at the Company’s discretion.
About First US Bancshares,
Inc.
First US Bancshares, Inc. is a bank holding
company that operates banking offices in Alabama through First US
Bank. In addition, the Company’s operations include
Acceptance Loan Company, Inc., a consumer loan company, and FUSB
Reinsurance, Inc., an underwriter of credit life and credit
accident and health insurance policies sold to the Bank’s and ALC’s
consumer loan customers. The Company’s stock is traded on the
Nasdaq Capital Market under the symbol “FUSB.”
Forward-Looking Statements
Statements contained in this press release that
are not historical facts are forward-looking statements (as defined
in the Private Securities Litigation Reform Act of 1995). In
addition, First US Bancshares, Inc. ("Bancshares") and, together
with its subsidiaries, (the “Company”), through its senior
management, from time to time makes forward-looking statements
concerning its expected future operations and performance and other
developments. The words “estimate,” “project,” “intend,”
“anticipate,” “expect,” “believe,” “continues” and similar
expressions are indicative of forward-looking statements. Such
forward-looking statements are necessarily estimates reflecting the
Company’s best judgment based on current information and involve a
number of risks and uncertainties, and various factors could cause
results to differ materially from those contemplated by such
forward-looking statements. Such factors could include those
identified from time to time in the Company’s Securities and
Exchange Commission (“SEC”) filings and other public announcements,
including the risk factors described in Part I, Item 1A of the
Company’s Annual Report on Form 10-K as of and for the year ended
December 31, 2015. Specifically, with respect to statements
relating to loan demand, growth and earnings potential, geographic
expansion and the adequacy of the allowance for loan losses for the
Company, these factors include, but are not limited to, the rate of
growth (or lack thereof) in the economy generally and in the
Company’s service areas, the availability of quality loans in the
Company’s service areas, the relative strength and weakness in the
consumer and commercial credit sectors and in the real estate
markets and collateral values. Forward-looking statements speak
only as of the date they are made, and the Company undertakes no
obligation to revise forward-looking statements to reflect
circumstances or events that occur after the dates on which the
forward-looking statements are made, except as required by law.
Contact: Thomas S. Elley, 334-636-5424, of First US Bancshares, Inc.
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