Southside Bancshares, Inc. announces Stock Repurchase Plan
September 05 2019 - 5:23PM
Southside Bancshares, Inc., (NASDAQ:SBSI), the holding company of
Southside Bank, announced that its Board of Directors has
authorized a Stock Repurchase Plan, under which the Company may
repurchase, from time to time, up to 1 million shares of its
outstanding common stock.
“We believe repurchasing our common stock is an
attractive use of capital, given recent market prices,” stated Lee
R. Gibson, President and Chief Executive Officer of Southside. “Our
strong capital levels and continued solid operating results allow
us to repurchase shares, while also providing flexibility to
support future strategic opportunities.”
Repurchases may be carried out in open market
purchases, privately negotiated transactions and pursuant to any
trading plan that might be adopted in accordance with Rule 10b5-1
of the Securities Exchange Act of 1934, as amended. The Company has
no obligation to repurchase any shares under the Stock Repurchase
Plan and may suspend or discontinue at any time.
About Southside Bancshares,
Inc.
Southside Bancshares, Inc. is a bank holding
company headquartered in Tyler, Texas, with approximately $6.37
billion in assets as of June 30, 2019. Through its wholly-owned
subsidiary, Southside Bank, Southside currently operates 59
branches and a network of 81 ATMs/ITMs throughout East Texas,
Southeast Texas, Dallas/Fort Worth and Austin. Serving customers
since 1960, Southside Bank is a community-focused financial
institution that offers a full range of financial products and
services to individuals and businesses. These products and services
include consumer and commercial loans, mortgages, deposit accounts,
safe deposit boxes, treasury management, wealth management, trust
services, brokerage services and an array of online and mobile
services.
To learn more about Southside Bancshares, Inc.,
please visit our investor relations website at
www.southside.com/about/investor-relations. Our investor relations
site provides a detailed overview of our activities, financial
information and historical stock price data. To receive e-mail
notification of company news, events and stock activity, please
register on the E-mail Notification portion of the website.
Questions or comments may be directed to Lindsey Bibby at
lindsey.bibby@southside.com or Julie Shamburger at
julie.shamburger@southside.com.
Forward-Looking Statements
Certain statements of other than historical fact
that are contained in this press release and in other written
material, documents and oral statements issued by or on behalf of
the Company may be considered to be “forward-looking statements”
within the meaning of and subject to the safe harbor protections of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future
performance, nor should they be relied upon as representing
management’s views as of any subsequent date. These statements may
include words such as “expect,” “estimate,” “project,”
“anticipate,” “appear,” “believe,” “could,” “should,” “may,”
“likely,” “intend,” “probability,” “risk,” “target,” “objective,”
“plans,” “potential,” and similar expressions. Forward-looking
statements are statements with respect to the Company’s beliefs,
plans, expectations, objectives, goals, anticipations, assumptions
and estimates about the Company's future performance and are
subject to significant known and unknown risks and uncertainties,
which could cause the Company's actual results to differ materially
from the results discussed in the forward-looking statements. For
example, discussions about trends in asset quality, capital,
liquidity, the pace of loan and revenue growth, the Company's
ability to sell nonperforming assets, expense reductions, planned
operational efficiencies, earnings, successful integration of
completed acquisitions and certain market risk disclosures,
including the impact of interest rates, tax reform and other
economic factors, are based upon information presently available to
management and are dependent on choices about key model
characteristics and assumptions and are subject to various
limitations. By their nature, certain of the market risk
disclosures are only estimates and could be materially different
from what actually occurs in the future.
Additional information concerning the Company
and its business, including additional factors that could
materially affect the Company’s financial results, is included in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018, under “Part I - Item 1. Forward Looking
Information” and "Part I - Item 1A. Risk Factors" and in the
Company’s other filings with the Securities and Exchange
Commission. The Company disclaims any obligation to update any
factors or to announce publicly the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
For further information:Julie Shamburger(903)
531-7134
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