The following excerpt is from the company's SEC filing.
/PRNewswire/ Civista Bancshares, Inc. (NASDAQ:CIVB) (Civista)
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 on April 20, 2021. Civista had repurchased approximately $12.8 million under the previous plan, which had authorized Civista to purchase up to an aggregate of $13.5 million of
Dennis G. Shaffer, Civistas President and CEO com mented, The repurchase program authorized by the Board in April 2021 has been
well utilized and was nearly depleted. This new authorization will allow us to continue our efforts and to continue delivering 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 Civistas stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. The repurchase program will continue until August 10, 2022.
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 managements 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 Civistas Annual Report on Form
for the fiscal year ended December 31, 2020, and any additional risks identified in the Companys subsequent Form
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 $2.9 billion financial holding company headquartered in
Sandusky, Ohio. The Companys banking subsidiary, Civista Bank, operates 35 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Civista Bancshares, Inc. may be accessed at www.civb.com. The
Companys common shares are traded on the NASDAQ Capital Market under the symbol CIVB.
For additional information, contact:
Dennis G. Shaffer
CEO and President
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
First Citizens Banc: Civista Bancshares, Inc. Announces Third Quarter 2021 Financial Results Sandusky, Ohio, October - Oct. 27, 2021
Registration statement under Securities Act of 1933 - Oct. 22, 2021
Registration statement under Securities Act of 1933 - Oct. 15, 2021
First Citizens Banc: Civista Bancshares, Inc. Declares Fourth Quarter Common Dividend Sandusky, Ohio, October - Oct. 8, 2021
First Citizens Banc: Civista Bancshares, Inc. Announces Third Quarter 2021 Earnings Release Date Sandusky, Ohio, October - Oct. 7, 2021