CF Bankshares Inc. announced the authorization of a new stock repurchase program to repurchase up to 250,000 shares
CF Bankshares Inc., the parent company of CFBank, has recently announced the authorization of a new stock repurchase program. This program allows the company to repurchase up to 250,000 shares of its outstanding common stock on or before June 30, 2024. With this strategic move, CF Bankshares Inc. aims to enhance shareholder value and showcase confidence in its business model.
Under the newly authorized stock repurchase program, CF Bankshares Inc. has the flexibility to repurchase shares through various means. These include open market transactions as well as privately negotiated transactions. The company will adhere to applicable securities laws and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and may execute repurchases under Rule 10b5-1 under the Exchange Act. The exact number and value of shares to be repurchased are subject to various factors and the discretion of the company's management.
CF Bankshares Inc.'s President and CEO, Timothy T. O'Dell, expressed confidence in the intrinsic value of the company's stock. O'Dell noted that the approval of the stock repurchase program by the Board of Directors reflects their belief in the stock's value. By repurchasing stock, CF Bankshares Inc. aims to enhance shareholder value and demonstrate its commitment to delivering strong returns to its investors.
The decision on the manner, timing, and amount of stock repurchases will be made at the discretion of CF Bankshares Inc.'s management. They will carefully evaluate various factors to determine the best course of action. These factors include the trading price of the company's common stock, prevailing market and economic conditions, regulatory requirements, and other corporate considerations. By taking these factors into account, CF Bankshares Inc. intends to execute stock repurchases in a manner that maximizes the benefits for both the company and its shareholders.
CF Bankshares Inc.'s stock repurchase program offers the flexibility to adapt to changing circumstances. The program may be suspended or discontinued at any time. This flexibility allows the company to respond to evolving market conditions and regulatory requirements. CF Bankshares Inc. will continually assess the effectiveness of the program and make adjustments as necessary to ensure its alignment with the company's long-term goals.
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