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FAYETTEVILLE, Ark., Sept. 03, 2019 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today announced that its Board of Directors has authorized the repurchase of up to 42,500 shares of its common stock, representing approximately 5% of outstanding shares.
“The availability of this repurchase program aligns with our capital management strategy and is in the best interests of our shareholders,” said Gary Head, President and Chief Executive Officer.
Under the share repurchase program, shares may be purchased by the Company on the open market all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon a number of factors, including but not limited to, stock price, trading volume, and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors and remains in the sole discretion of the Company. The share repurchase program has no time limit and may be modified, suspended or terminated at any time by the Board of Directors of the Company.
About White River Bancshares Company
White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas. Both are headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers and Brinkley, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), qualified to trade on the OTCQX® Best Market in December 2018.
Forward Looking Statements
This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations with regard to our share repurchase program, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects, including future activity under our share repurchase program, or that could affect the outcome of such forward-looking statements include, but are not limited to, the trading price and trading volume of our shares on the OTCQX Best Market;changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Chief Strategy Officer