Affinity Bancshares (AFBI) Adopts Stock Repurchase Program
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Affinity Bancshares, Inc. (the “Company”), the holding company for Affinity Bank, today announced that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 343,632 shares of its common stock, or approximately 5% of the current outstanding shares.
Repurchases will be made no sooner than the termination of the Company’s regular trading blackout period, and consistent with the Company’s trading policies.
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 of the Securities and Exchange Commission.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, 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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