Civista Bancshares, Inc. 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 common shares.
Dennis G. Shaffer, Civista’s President and CEO commented, “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 Civista’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. The repurchase program will continue until August 10, 2022.