County Bancorp Extends Share Repurchase Program and Declares Dividend
February 17 2021 - 4:01PM
County Bancorp, Inc. (NASDAQ: ICBK), the parent company for
Investors Community Bank, announced today that its Board of
Directors extended the authorization for the repurchase program,
and as a result, 609,000 additional shares are now available to be
repurchased through February 2024. A total of 1,282,000 shares of
common stock have now been authorized to be repurchased under the
repurchase program that was originally announced in January 2020.
Under the previous authorization, the Company instituted a
673,000 share repurchase program that was designed to run through
January 2023. As of December 31, 2020, Country Bancorp had
repurchased 570,842 shares, or 85%, of the available shares
allotted under the previous authorization. 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 the extension of our share
repurchase program and our dividend for the first quarter of 2021,
both of which highlight our disciplined and balanced capital
allocation approach.,” said Tim Schneider, President of County
Bancorp, Inc. “The strategic transformation of the right side of
our balance sheet enabled us to navigate pandemic-related headwinds
in 2020, while preserving our ability to return capital to
shareholders. As we look to the future, we plan to leverage that
success to generate long-term shareholder value will continuing to
drive free cash flow across multiple levers.”
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.
Quarterly Dividend Announced
The Company also announced that on February 16, 2021, its Board
of Directors declared a quarterly cash dividend of $0.10 per share.
The dividend will be payable on March 19, 2021 to shareholders of
record as of March 5, 2021.
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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