White River Bancshares (OTCQX: WRIV), the holding company for Fayetteville-based Signature Bank of Arkansas, said its board authorized the repurchase of 42,500 shares of its stock. That represents about 5% of the company’s outstanding shares.
“The availability of this repurchase program aligns with our capital management strategy and is in the best interests of our shareholders,” White River President and CEO Gary Head said.
The company said the repurchase agreement allows for open market trades that comply with the U.S. Securities and Exchange Commission and other legal regulators. The company said the repurchase agreement has no time limit and the company will proceed with share buybacks as the market, banking capital requirements and general business conditions dictate.