Southern States Bancshares, Inc. Announces Renewal of $10.0 million Stock Repurchase Program
07 Marzo 2023 - 7:30AM
Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”
or the “Company”), the holding company for Southern States Bank, an
Alabama state-chartered commercial bank (the “Bank”), today
announced that its Board of Directors has approved the renewal
of the Company’s stock repurchase program.
The initial program, which authorized the Company to repurchase
up to $10.0 million of its common stock, was initiated in 2022 and,
as of the end of the year, resulted in 345,502 shares repurchased
at an average price of $21.29, or $7.4 million in the aggregate.
The initial program ended December 31, 2022.
The renewed stock repurchase program authorizes the Company to
repurchase up to $10.0 million of its common stock. There have been
no purchases in 2023 as of the date of this press release.
Stock repurchases under the renewed program may be made from
time to time on the open market, in privately negotiated
transactions, or in any other manner that complies with applicable
securities laws (including pursuant to the safe harbor provided
under Rule 10b-18 of the Securities Act of 1934, as amended), at
the discretion of the management of the Company. The program will
be in effect until December 31, 2023, with the timing of purchases
and number of shares repurchased under the program dependent upon a
variety of factors, including price, trading volume, corporate and
regulatory requirements, and market conditions. The Company is not
obligated to purchase any shares under the program and it may be
suspended or discontinued at any time without notice.
About Southern States Bancshares,
Inc.Headquartered in Anniston, Alabama, Southern States
Bancshares, Inc. is a bank holding company that operates primarily
through its wholly-owned subsidiary, Southern States Bank. The Bank
is a full service community banking institution, which offers an
array of deposit, loan and other banking-related products and
services to businesses and individuals in its communities. The Bank
operates 13 branches in Alabama and Georgia and two loan production
offices in Atlanta.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
federal securities laws, which reflect our current expectations and
beliefs with respect to, among other things, future events and our
financial performance. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry, management's beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable as of the dates made, we cannot give any
assurance that such expectations will prove correct and actual
results may prove to be materially different from the results
expressed or implied by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements are set forth in the
Company's reports filed with the Securities and Exchange Commission
under the section entitled "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors". Accordingly, we
caution you that any such forward-looking statements are not
guarantees of future performance and are subject to risks,
assumptions and uncertainties that are difficult to predict.
These statements are often, but not always, made through the use
of words or phrases such as "may," "can," "should," "could," "to
be," "predict," "potential," "believe," "will likely result,"
"expect," "continue," "will," "likely," "anticipate," "seek,"
"estimate," "intend," "plan," "target," "project," "would" and
"outlook," or the negative version of those words or other similar
words or phrases of a future or forward-looking nature.
Forward-looking statements appear in a number of places in this
press release and may include statements about the Program,
including the timing, amount and manner of purchases, if any, and
the duration of the Program.
Contact Information: Lynn Joyce(205)
820-8065ljoyce@ssbank.bank
Kevin Dobbs(310) 622-8245ssbankir@finprofiles.com
Southern States Bancshares (NASDAQ:SSBK)
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