FVCBankcorp Announces Share Repurchase Program
February 04 2020 - 11:45AM
Business Wire
FVCBankcorp, Inc. (Nasdaq – FVCB) (the “Company”) announced
today that its Board of Directors had adopted a share repurchase
program. Under the repurchase program, the Company may repurchase
up to 1,112,165 shares of its common stock, or approximately 8% of
its outstanding shares of common stock at December 31, 2019. The
repurchase program will expire on December 31, 2020, subject to
earlier termination of the program by the Board of Directors. As of
December 31, 2019, the Company had approximately 13.9 million
shares outstanding.
Repurchases may be made in open market purchases, block trades
or in privately negotiated transactions. Repurchases, if any, under
the program will be made at the discretion of management, and will
depend upon market pricing and conditions, business, legal,
accounting and other considerations. Open market purchases will be
conducted in accordance with the limitation of Rule 10b-18 of the
Securities and Exchange Commission (the “SEC”). Repurchases may be
made pursuant to any trading plan that may be adopted in accordance
with SEC Rule 10b5-1, which would permit common stock to be
repurchased when the Company might otherwise be precluded from
doing so under insider trading laws. Under applicable law,
repurchased shares will be cancelled and revert to the status of
authorized but unissued shares.
The repurchase program may be modified, suspended or terminated
at any time without notice, in the Company’s discretion, based upon
a number of factors, including market conditions, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity, the need for capital in the Company’s
operations and other factors deemed appropriate. These factors may
also affect the timing and amount of share repurchases. The
repurchase program does not obligate the Company to repurchase any
shares.
About FVCBankcorp Inc.
FVCBankcorp, Inc. is the holding company for FVCbank, a
wholly-owned subsidiary of FVCB which commenced operations in
November 2007. FVCbank is a $1.54 billion Virginia-chartered
community bank serving the banking needs of commercial businesses,
nonprofit organizations, professional service entities, their
owners and employees located in the greater Baltimore and
Washington D.C., metropolitan areas. Locally owned and managed,
FVCbank is based in Fairfax, Virginia, and has 11 full-service
offices in Arlington, Ashburn, Fairfax, Manassas, Reston and
Springfield, Virginia, Washington D.C., and Baltimore, Bethesda,
Rockville and Silver Spring, Maryland.
For more information on the Company’s selected financial
information, please visit the Investor Relations page of
FVCBankcorp Inc.’s website, www.fvcbank.com.
Forward-looking Statements: This press release contains
forward-looking statements within the meaning of the Securities and
Exchange Act of 1934, as amended, including statements of goals,
intentions, and expectations as to future trends, plans, events or
results of Company operations and policies and regarding general
economic conditions. In some cases, forward-looking statements can
be identified by use of words such as “may,” “will,” “anticipates,”
“believes,” “expects,” “plans,” “estimates,” “potential,”
“continue,” “should,” and similar words or phrases. These
statements are based upon current and anticipated economic
conditions, nationally and in the Company’s market, interest rates
and interest rate policy, competitive factors, and other conditions
which by their nature, are not susceptible to accurate forecast and
are subject to significant uncertainty. Because of these
uncertainties and the assumptions on which this discussion and the
forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated
herein. For details on factors that could affect these
expectations, see the risk factors and other cautionary language
included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018 and in other periodic and current reports
filed with the SEC. Readers are cautioned against placing undue
reliance on any such forward-looking statements. The Company’s past
results are not necessarily indicative of future performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20200204005811/en/
David W. Pijor, Chairman and Chief Executive Officer Phone:
(703) 436-3802 Email: dpijor@fvcbank.com
Patricia A. Ferrick, President Phone: (703) 436-3822 Email:
pferrick@fvcbank.com
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