Cardinal State Bank (SNC) Extends $50M Stock Buyback Progrma
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State National Companies, Inc. (Nasdaq: SNC) announced that its Board of Directors has approved an extension of the Company's on-going stock repurchase program. The repurchase program, which originally authorized the repurchase of up to $50 million of the Company's common stock through December 31, 2016, has been extended through December 31, 2017. As of November 22, 2016, $22.8 million remains available under the plan for repurchases.
Under the terms of the stock repurchase program, the Company is authorized to repurchase shares from time to time on the open market at prevailing market prices or in negotiated transactions in accordance with applicable securities rules and regulations. Repurchases may also be made under a plan in accordance with the guidelines specified under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The stock repurchase program may be suspended, modified or discontinued at any time, and does not obligate the Company to purchase any specific number of shares.
"We are pleased with the Board's decision to approve the extension of our existing stock repurchase plan," said Terry Ledbetter, State National's Chairman and Chief Executive Officer. "Our management team and Board of Directors believe in our long-term growth prospects as well as our ability to generate strong profits and cash flow through our very capital efficient business model. The extension of the stock repurchase program represents our continued commitment to creating, enhancing and returning value to shareholders."
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