Simmons First Adopts New Stock Repurchase Program
24 Luglio 2012 - 12:45AM
J. Thomas May, Chairman and Chief Executive Officer of Simmons
First National Corporation (Nasdaq:SFNC), has announced the
substantial completion of the existing stock repurchase program and
the adoption by the Board of Directors of a new stock repurchase
program. The new program authorizes the repurchase of up to 850,000
shares of Class A common stock or approximately 5% of the shares
outstanding. The shares are to be purchased from time to time at
prevailing market prices, through open market or unsolicited
negotiated transactions, depending upon market conditions.
Under the repurchase program, there is no time limit for the
stock repurchases, nor is there a minimum number of shares that the
Company intends to repurchase. The Company may discontinue
purchases at any time that management determines additional
purchases are not warranted. The repurchased shares are expected to
be used to satisfy stock option exercises, payment of future stock
dividends and general corporate purposes.
"We believe our stock, at its current price, continues to be an
excellent investment," May said. "The repurchase program will allow
us to acquire shares needed for corporate purposes as well as make
an investment in our organization which demonstrates our commitment
and confidence in our future. We expect to reinvest a portion of
our annual earnings, as needed, to fund the repurchase program and
do not intend to utilize any of the equity we raised from the
capital markets in 2009 for this purpose."
Simmons First National Corporation is a financial holding
company with eight community banks in Pine Bluff, Lake Village,
Jonesboro, Rogers, Searcy, Russellville, El Dorado, and Hot
Springs, Arkansas. The Company's eight banks conduct financial
operations from 88 offices, of which 84 are financial centers, in
47 communities in Arkansas, Missouri and Kansas.
The Simmons First National Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4819
CONTACT: FOR MORE INFORMATION CONTACT:
DAVID W. GARNER
Senior Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
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