SANDUSKY, Ohio, May 8, 2023
/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 May 9,
2023, with an aggregate of $7.4
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 a
number of factors, including Civista's stock price performance,
ongoing capital planning considerations, general market conditions,
and applicable legal requirements. The repurchase program will
continue until May 2, 2024.
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,
2022, 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 $3.6
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 Bank also offers
commercial equipment leasing services for businesses nationwide
through its subsidiary, Vision Financial Group, Inc. (VFG),
centered in Pittsburgh,
Pennsylvania. Civista Bancshares' common shares are traded
on the NASDAQ Capital Market under the symbol "CIVB". Learn more at
www.civb.com.
For additional information, contact:
Dennis G. Shaffer
President and CEO
Civista Bancshares, Inc.
888-645-4121
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SOURCE Civista Bancshares, Inc.