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FAIRFAX, Va. - FVCBankcorp, Inc. (NASDAQ:FVCB), a Virginia-based community bank with a market capitalization of $186 million, has announced the extension of its share repurchase program. According to InvestingPro analysis, the bank’s stock is currently trading below its Fair Value, presenting a potential opportunity for value investors. Initially launched in 2020, the program now permits the repurchase of up to 1,300,000 shares, which is approximately 7% of the company’s outstanding common stock as of December 31, 2024. The program is set to expire on March 31, 2026, but may be concluded earlier at the board’s discretion.
The repurchase process may involve open market purchases, block trades, or privately negotiated transactions, contingent upon market conditions and other influencing factors. The timing appears strategic, as InvestingPro data shows the stock has experienced a significant 17% decline over the past six months, while trading at just 0.79 times book value. Management retains the discretion to execute repurchases, adhering to the SEC’s Rule 10b-18 limitations. Additionally, the company may engage in repurchases under a trading plan in accordance with SEC Rule 10b5-1, which allows for repurchasing during potential insider trading blackout periods.
The repurchased shares will be canceled and returned to the status of authorized but unissued shares. The timeline and volume of repurchases are subject to various considerations, including market conditions, repurchasing costs, alternative investment opportunities, liquidity, and capital needs for operations. The program does not mandate the company to execute any repurchase of shares.
FVCBankcorp, Inc. operates as the holding company for FVCbank, which began its services in November 2007. With assets totaling $2.20 billion, FVCbank caters to commercial businesses, nonprofit organizations, professional service entities, and their employees within the Baltimore and Washington D.C. metropolitan areas. The bank operates eight full-service offices across Virginia, Washington D.C., and Maryland. InvestingPro analysis reveals the company maintains strong profitability with a P/E ratio of 12.3 and positive earnings forecasts for the upcoming year. Subscribers can access additional metrics and 6 more exclusive ProTips about FVCB’s financial health and growth potential.
This extension of the share repurchase program is based on forward-looking statements and is subject to uncertainties and assumptions that could cause actual results to differ materially from those projected. The information is based on a press release statement from FVCBankcorp, Inc.
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