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COVINGTON, Ga. - Affinity Bancshares, Inc. (NASDAQ:AFBI), the parent company of Affinity Bank, has announced the initiation of a stock repurchase program. The Board of Directors has authorized the repurchase of up to 320,480 shares, which equates to roughly 5% of the company’s current outstanding common stock. The company, currently valued at $127.42 million with shares trading at $19.88, has demonstrated profitability over the last twelve months according to InvestingPro data, though it does not currently pay dividends to shareholders.
The repurchase program allows for the buyback of shares through various means, including open market or private transactions, block trades, and potentially under a Rule 10b5-1 trading plan, as per the regulations of the Securities and Exchange Commission (SEC).
The decision to repurchase shares will be contingent on several factors, such as stock availability, market conditions, the trading price, alternative capital uses, and the financial performance of the company. All open market transactions will comply with Rule 10b-18 of the SEC and other pertinent legal requirements.
Affinity Bancshares has stated that the program may be adjusted, halted, or terminated at any time based on a variety of factors including market conditions, repurchasing costs, alternative investment opportunities, liquidity, and other considerations deemed relevant by management. The program does not commit the company to buy back any specific number of shares.
Founded in 1928, Affinity Bank operates a full-service office in Atlanta, a loan production office in the Alpharetta and Cumming areas, and two full-service offices in Covington, Georgia.
This press release includes forward-looking statements that are subject to risks and uncertainties, which could significantly affect the company’s operations. These statements are based on current expectations and assumptions that are prone to change. The company cautions not to rely unduly on these forward-looking statements and does not undertake any obligation to update them.
This news is based on a press release statement from Affinity Bancshares, Inc.
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