County Bancorp Announces Share Repurchase Program
January 29 2020 - 4:01PM
County Bancorp, Inc. (NASDAQ: ICBK), the parent company for
Investors Community Bank, announced today that its Board of
Directors has authorized the repurchase of up to 673,000 shares of
its common stock through January 2023. Shares of common stock may
be purchased under the program periodically in privately negotiated
transactions or in open market transactions at prevailing market
prices, and pursuant to a trading plan in accordance with
applicable securities laws.
“We are pleased to announce our share repurchase program, as it
highlights our focus on building a well-balanced capital allocation
program,” said Tim Schneider, President of County Bancorp, Inc.
“The improvements we made to our balance sheet and portfolio in
2019 have enabled County Bancorp to initiate the repurchase
program, and we plan to act strategically and opportunistically
with our share repurchases. As we move forward, we will look to
balance free cash flow across multiple levers, including investing
in our business, supporting our quarterly dividend, employing
opportunistic share repurchases, and evaluating other opportunities
to create shareholder value.”
The actual means and timing of any purchases, target number of
shares and prices or range of prices under the repurchase program,
which the Company will determine in its discretion, will depend on
a number of factors, including the market price of the Company's
common stock, share issuances under the Company's equity plans,
general market and economic conditions and applicable legal and
regulatory requirements. The Company's Board of Directors may
modify, amend or terminate the program at any time. There is no
assurance that the Company will purchase any shares under the
program.
About County Bancorp,
Inc.
County Bancorp, Inc., a Wisconsin corporation and registered
bank holding company founded in May 1996, and our wholly-owned
subsidiary Investors Community Bank, a Wisconsin-chartered bank,
are headquartered in Manitowoc, Wisconsin. The state of Wisconsin
is often referred to as “America’s Dairyland,” and one of the
niches we have developed is providing financial services to
agricultural businesses statewide, with a primary focus on
dairy-related lending. We also serve business and retail customers
throughout Wisconsin, with a focus on northeastern and central
Wisconsin. Our customers are served from our full-service locations
in Manitowoc, Appleton, Green Bay, and Stevens Point and our loan
production offices in Darlington, Eau Claire, Fond du Lac and
Sheboygan. Visit our Investor Relations site for details:
Investors.ICBK.com
Investor Relations ContactGlen L. StiteleyEVP -
CFO, Investors Community BankPhone: (920) 686-5658 Email:
gstiteley@icbk.com
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