SmartFinancial, Inc. Announces $10 Million Stock Repurchase Plan
November 20 2018 - 5:00PM
SmartFinancial, Inc., Knoxville, Tennessee (“SmartFinancial”)
(Nasdaq: SMBK), parent company of SmartBank, today announced that
its board of directors authorized a stock repurchase plan. Under
the plan, SmartFinancial may repurchase up to $10 million of its
outstanding shares of common stock.
The shares will be purchased from time to time
at prevailing market prices, through open market or privately
negotiated transactions, depending upon market conditions. Through
the plan, the purchases will be funded from available working
capital, and the repurchased shares will be become authorized,
unissued shares. There is no guarantee as to the exact number of
shares that will be redeemed by SmartFinancial, and SmartFinancial
may discontinue repurchases at any time that management determines
additional purchases are not warranted.
SmartFinancial Chairman Miller Welborn stated,
“Our announcement today that we have initiated a stock buyback
program reflects our confidence in SmartFinancial’s future. The
plan underscores our long-term goal of enhancing shareholder
value.”
About SmartFinancial, Inc.
SmartFinancial, Inc., based in Knoxville,
Tennessee, is the bank holding company for SmartBank. SmartBank is
a full-service commercial bank founded in 2007, with 28 branches
across Tennessee, Alabama, and the Florida Panhandle. Recruiting
the best people, delivering exceptional client service, strategic
branching and acquisitions, and a disciplined approach to lending
have contributed to SmartBank’s success. More information about
SmartFinancial can be found on its website:
www.smartfinancialinc.com.
Investor Contacts
William Y. (“Billy”) Carroll, Jr.President and Chief Executive
OfficerSmartFinancial, Inc.Email: billy.carroll@smartbank.comPhone:
865.868.0613
Ron GorczynskiExecutive Vice PresidentChief Administrative
OfficerSmartFinancial, Inc.Email:
ron.gorczynski@smartbank.comPhone: 865.437.5724
Media Contact
Kelley FowlerSenior Vice PresidentPublic
Relations/MarketingSmartFinancial, Inc.Email:
kelley.fowler@smartbank.comPhone: 865.868.0611
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