Southern States Bancshares, Inc. Announces Renewal of $10.0 Million Stock Repurchase Program
20 Diciembre 2023 - 3:05PM
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 $10.0 million stock repurchase program, which
currently expires on December 31, 2023. The renewed stock
repurchase program (the “Program”) authorizes the Company to
repurchase up to $10.0 million of its common stock from January 1,
2024 through December 31, 2024.
Stock repurchases under the 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 from January 1, 2024 through December 31, 2024 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 the Program 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 Statements
This 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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