On Monday, CIB Marine Bancshares, Inc. (OTCQX:CIBH) announced the initiation of a new share repurchase program, authorizing up to $1 million in buybacks of the Company's outstanding common stock. This move comes as the first common stock repurchase initiative following the completion of the preferred stock buyback in October 2024.
The repurchase program is set to begin in the first quarter of 2025, with the Company considering various methods for the buyback, such as open market purchases or privately negotiated transactions. The decision to repurchase shares will be dependent on several factors, including stock availability, market conditions, trading prices, the broader economic environment, regulatory guidelines, and CIB Marine's financial results.
CIB Marine has stated that the repurchase program is flexible and does not commit the Company to acquire a specific number of shares within a set timeframe. The Board of Directors plans to review the conditions for repurchasing shares at least quarterly to adjust the terms and strategy accordingly.
Brian Chaffin, the President and CEO of CIB Marine, expressed optimism about the new program, stating, "Having just completed our very successful preferred stock repurchase plan in October, this common stock repurchase program will build off of the momentum of 2024 as we continue to expand meaningful opportunities for shareholder value." He also noted the favorable market conditions as an advantageous opportunity for such repurchase activities, emphasizing the benefits to shareholders.
CIB Marine Bancshares, Inc. serves as the parent company to CIBM Bank, which operates nine banking offices and has mortgage loan officers and/or offices across nine states. The Company provides further information about its operations and financials on its website, which includes shareholder communications, regulatory financial reports, and audited financial statements.
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