SANDUSKY, Ohio, Dec. 20, 2018 /PRNewswire/ -- Civista
Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today announced that the
Board of Directors has approved a stock repurchase program for
Civista. The program authorizes the repurchase by Civista of
up to 470,000 of its total outstanding shares of common stock and
will continue until December 18,
2019.
Dennis G. Shaffer, Civista's
President and CEO commented, "We remain committed to our strategy
of growing our franchise. This repurchase program will allow
us to be opportunistic given current market dynamics 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. The Board's action
authorizes Civista to execute one or more 10b5-1 trading plans.
The trading plans would allow Civista to repurchase shares of
its common stock at times when it otherwise might be prevented from
doing so under insider trading laws by requiring that an agent
selected by Civista repurchase shares of common stock on Civista's
behalf.
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 a
number of factors, including Civista's stock price performance,
ongoing capital planning considerations, general market conditions,
and applicable legal requirements.
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, 2017. 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 $2.1
billion financial holding company headquartered in
Sandusky, Ohio. The
Company's banking subsidiary, Civista Bank, operates 38 locations
in Northern, Central and Southwestern
Ohio, Southeastern Indiana
and Northern Kentucky. Civista Bancshares, Inc. may be
accessed at www.civb.com. The Company's common shares are
traded on the NASDAQ Capital Market under the symbol "CIVB".
The Company's depositary shares, each representing a
1/40th ownership interest in a Series B Preferred Share,
are traded on the NASDAQ Capital Market under the symbol
"CIVBP".
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SOURCE Civista Bancshares, Inc.