SANDUSKY,
Ohio, April 18, 2024 /PRNewswire/ -- Civista
Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today announced that the
Board of Directors has approved a stock repurchase program
authorizing Civista to purchase, from time to time, up to an
aggregate $13.5 million of its
outstanding common shares. This new program replaces the prior
share repurchase program approved by the Board of Directors which
had authorized Civista to purchase up to an aggregate of
$13.5 million common shares and would
have expired on April 18, 2024, with
an aggregate of $1.5 million
purchased through the replacement date.
Dennis G. Shaffer,
Civista's President and CEO commented, "We remain committed to our
strategy of growing our franchise. Provided we have a level of
comfort, the repurchase program will allow us to be opportunistic
and further deliver value to our shareholders."
Under the share repurchase program, shares may be
repurchased from time to time in the open market or through
negotiated transactions at prevailing market rates, or by other
means in accordance with federal securities laws.
There is no guarantee as to the exact number or
value of shares that will be repurchased by Civista, and Civista
may discontinue repurchases at any time that management determines
additional repurchases are not warranted. The timing and amount of
share repurchases under the stock repurchase program will depend on
several factors, including Civista's stock price performance,
ongoing capital planning considerations, general market conditions,
and applicable legal requirements. The repurchase program will
continue until April 15, 2025.
Forward Looking Statements
This press
release may contain forward-looking statements regarding the
financial performance, business prospects, growth and operating
strategies of Civista. For these statements, Civista claims the
protections of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Statements in this press release should be considered in
conjunction with the other information available about Civista,
including the information in the filings we make with the
Securities and Exchange Commission. Forward-looking statements
provide current expectations or forecasts of future events and are
not guarantees of future performance. The forward-looking
statements are based on management's expectations and are subject
to a number of risks and uncertainties. We have tried, wherever
possible, to identify such statements by using words such as
"anticipate," "estimate," "project," "intend," "plan," "believe,"
"will" and similar expressions in connection with any discussion of
future operating or financial performance. Although management
believes that the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially
from those expressed or implied in such statements. Risks and
uncertainties that could cause actual results to differ materially
include risk factors relating to the banking industry and the other
factors detailed from time to time in Civista' reports filed with
the Securities and Exchange Commission, including those described
in "Item 1A Risk Factors" of Part I of Civista's Annual Report on
Form 10-K for the fiscal year ended December
31, 2023, and any additional risks identified in the
Company's subsequent Form 10-Q's. Undue reliance should not be
placed on the forward-looking statements, which speak only as of
the date hereof. Civista does not undertake, and specifically
disclaims any obligation, to update any forward-looking statement
to reflect the events or circumstances after the date on which the
forward-looking statement is made, or reflect the occurrence of
unanticipated events, except to the extent required by law.
Civista Bancshares, Inc., is a $3.9 billion financial holding company
headquartered in Sandusky, Ohio.
Its primary subsidiary, Civista Bank, was founded in 1884 and
provides full-service banking, commercial lending, mortgage, and
wealth management services. Today, Civista Bank operates 43
locations across Ohio,
Southeastern Indiana and
Northern Kentucky. Civista Leasing
& Finance, a division of Civista Bank, offers commercial
equipment leasing services for businesses nationwide. Civista
Bancshares' common shares are traded on the NASDAQ Capital Market
under the symbol "CIVB". Learn more at www.civb.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-share-repurchase-program-302121198.html
SOURCE Civista Bancshares, Inc.