FVCBankcorp, Inc. (NASDAQ: FVCB) has announced the extension of its Share Repurchase Program, reaffirming its commitment to enhancing shareholder value. The extension of the program reflects the company’s confidence in its financial position and long-term growth prospects.
Under the extended program, FVCBankcorp is authorized to repurchase up to $5 million of its outstanding common stock. This initiative underscores the company’s ongoing efforts to deploy capital efficiently and optimize its capital structure.
“We are pleased to announce the extension of our Share Repurchase Program, which underscores our commitment to delivering value to our shareholders,” said David W. Pijor, Chairman and CEO of FVCBankcorp. “This program reflects our confidence in the strength of our business and our ability to generate long-term shareholder value.”
FVCBankcorp will repurchase shares from time to time in open market transactions, depending on market conditions and other factors. The company may also repurchase shares through privately negotiated transactions or in accordance with Rule 10b5-1 plans.
“We believe that the extension of our Share Repurchase Program demonstrates our continued focus on capital management and our dedication to delivering value to our shareholders,” added Pijor.
The Share Repurchase Program extension reinforces FVCBankcorp’s commitment to optimizing its capital allocation and delivering long-term value to shareholders. As the company continues to execute its strategic initiatives, it remains well-positioned for sustained growth and profitability.
For more information about FVCBankcorp and its initiatives, investors are encouraged to visit the company’s website or contact investor relations.
Note: This press release is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any such offer or solicitation will be made only by means of the definitive offering circular.
FVCBankcorp, Inc. (Nasdaq: FVCB) has announced the extension of its share repurchase program, reflecting the company’s commitment to enhancing shareholder value. Under this program, the company may repurchase up to 1,300,000 shares of its common stock, representing approximately 7% of its outstanding shares as of December 31, 2023. The program has been extended until March 31, 2025, subject to earlier termination by the Board of Directors.
During 2023, FVCBankcorp repurchased 115,750 shares of its common stock during open trading window periods. Repurchases under the program may be executed through open market purchases, block trades, or privately negotiated transactions, at the discretion of management. The timing and amount of repurchases will depend on various factors, including market conditions, business considerations, and regulatory requirements.
FVCBankcorp may also conduct repurchases pursuant to trading plans adopted in accordance with SEC Rule 10b5-1, allowing for repurchases during periods when the company may otherwise be restricted from buying its own shares under insider trading laws. Repurchased shares will be cancelled and revert to authorized but unissued shares under applicable law.
The company reserves the right to modify, suspend, or terminate the repurchase program at any time, based on factors such as market conditions, the cost of repurchasing shares, and capital needs. The program does not obligate FVCBankcorp to repurchase any specific number of shares.
For more information about FVCBankcorp and its initiatives, please visit the company’s website.
Note: This press release is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
