Simmons First Completes, Restarts Stock Repurchase Program
by July 24, 2012 7:45 am 89 views
Pine Bluff-based Simmons First National Bank Corp. completed an existing stock repurchase program and its board of directors authorized a new program to commence immediately.
The new program authorizes the repurchase of up to 850,000 shares of Class A common stock or approximately 5% of the shares outstanding. The shares are to be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market
conditions.
Under the repurchase program, there is no time limit for the stock repurchases, nor is there a
minimum number of shares that the company intends to repurchase.
“We believe our stock, at its current price, continues to be an excellent investment,” said CEO J. Thomas May. “The repurchase program will allow us to acquire shares needed for corporate purposes as well as make an investment in our organization which demonstrates our commitment and confidence in our future. We expect to reinvest a portion of our annual earnings, as needed, to fund the repurchase program and do not intend to utilize any of the equity we raised from the capital markets in 2009 for this purpose.”