Altabancorp™ Announces Renewed Share Repurchase Program
20 Novembre 2020 - 9:30PM
Business Wire
Altabancorp™ (Nasdaq: ALTA) (the “Company” or “Alta”) announced
that the Board of Directors has authorized a share repurchase
program for up to 940,000 shares (the “Repurchase Plan”), which
represents approximately 5% of the Company’s outstanding shares as
of November 15, 2020, in accordance with the Company’s overall
capital goals. The Repurchase Plan effectively represents a renewal
of the Company’s prior repurchase plan that lapsed September 30,
2020. The Repurchase Plan remains in effect through November 30,
2021.
Repurchases by the Company under the Repurchase Plan may be made
from time to time through open market purchases, trading plans
established in accordance with U.S. Securities and Exchange
Commission rules, privately negotiated transactions, or by other
means. The actual means and timing of any repurchases, quantity of
purchased shares and prices will be subject to certain limitations,
including, without limitation, market prices of the Company’s
common shares, general market and economic conditions, the
Company’s financial performance, and applicable legal and
regulatory requirements, and at the discretion of the Chief
Executive Officer and Chief Financial Officer.
Forward-Looking Statements
This press release may contain certain forward-looking
statements that are based on management's current expectations
regarding the Company’s share repurchases. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include the
words “believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, the duration and impact of the COVID-19
pandemic, natural disasters, general economic conditions, economic
uncertainty in the United States, changes in interest rates,
deposit flows, real estate values, costs or effects of
acquisitions, competition, changes in accounting principles,
policies or guidelines, legislation or regulation, and other
economic, competitive, governmental, regulatory and technological
factors (including external fraud and cybersecurity threats)
affecting the Company's operations, pricing, products and services.
These and other important factors are detailed in the Company’s
Form 10-K, Form 10-Qs, and various other securities law filings
made periodically by the Company, copies of which are available
from the Company’s website. The Company undertakes no obligation to
release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as required by
law.
About Altabancorp™
Altabancorp™ (Nasdaq: ALTA) is the bank holding company for
Altabank™, a full-service bank, providing loans, deposit and cash
management services to businesses and individuals through 26 branch
locations from Preston, Idaho to St. George, Utah. Altabank™ is the
largest community bank in Utah with total assets of $3.2 billion.
Our clients have direct access to bankers and decision-makers, who
work with clients to understand their specific needs and offer
customized financial solutions. Altabank™ has been serving
communities in Utah and southern Idaho for more than 100 years.
More information about Altabank™ is available at www.altabank.com.
More information about Altabancorp™ is available at
www.altabancorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201120005673/en/
Investor Relations Contact Mark K. Olson Executive Vice
President and Chief Financial Officer Altabancorp™
investorrelations@altabancorp.com Phone: 801-642-3998
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