Bank OZK Announces $300 Million Stock Repurchase Program
November 14 2022 - 9:00AM
Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that its Board
of Directors approved a new stock repurchase program pursuant to
which the Bank may repurchase up to $300 million of its outstanding
common stock (the “Repurchase Program”). The Bank’s previous stock
repurchase program expired on November 4, 2022.
The Repurchase Program, which has received all required
regulatory approval, will expire on the earlier to occur of: (i)
the Bank repurchasing shares of its common stock at an aggregate
cost of $300 million, or (ii) November 9, 2023. The Repurchase
Program may be suspended or discontinued at any time. Repurchases
may be made at management’s discretion from time to time on the
open market, through privately negotiated transactions or otherwise
in accordance with applicable federal securities laws, including
through Rule 10b5-1 trading plans and under Rule 10b-18 of the
Securities Exchange Act of 1934. The number of shares to be
repurchased and the timing of repurchases will be based on a
variety of factors, including the Bank’s capital position, expected
growth, alternative uses of capital, liquidity, financial
performance, stock price, current and expected macroeconomic
environment, regulatory requirements and other factors.
GENERAL INFORMATION Bank OZK (Nasdaq: OZK) is a
regional bank providing innovative financial solutions delivered by
expert bankers with a relentless pursuit of excellence. Established
in 1903, Bank OZK conducts banking operations through over 240
offices in eight states including Arkansas, Georgia, Florida, North
Carolina, Texas, New York, California and Mississippi and had
$26.23 billion in total assets as of September 30, 2022. Bank OZK
can be found at www.ozk.com and on Facebook, Twitter and LinkedIn
or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock,
Arkansas 72231-8811.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS This
release and certain other communications by the Bank contain
statements that constitute “forward-looking statements” within the
meaning of, and subject to the protections of, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such statements are based on currently available
information and are subject to various risks and uncertainties that
could cause actual results to differ materially from the Bank’s
present expectations. Additional information regarding these risks
and uncertainties is contained in the Bank’s filings with the
Federal Deposit Insurance Corporation. Undue reliance should not be
placed on such forward-looking statements, as such statements speak
only as of the date on which they are made and the Bank undertakes
no obligation to update such statements.
Investor
Contact: |
Jay Staley
(501) 906-7842 |
Media Contact: |
Michelle Rossow (501) 906-3922 |
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