MetroCity Bankshares Inc. Announces 1M Share Buyback

  • Investing.com
MetroCity Bankshares Inc. Announces 1M Share Buyback

MetroCity Bankshares, Inc. (the "Company") (MCBS), the holding company for Metro City Bank, announced today that on September 1, 2023, its board of directors adopted a new repurchase program authorizing the Company to repurchase up to 1,000,000 shares of the Company's outstanding shares of common stock. The share repurchase program will begin on September 6, 2023 and end on September 30, 2024.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 and Rule 10b-18 of the Securities and Exchange Commission ("SEC").

Repurchases may be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

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