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In a recent filing with the Securities and Exchange Commission, C&F Financial Corporation (NASDAQ:CFFI) announced that its Board of Directors has authorized a new stock repurchase program. Starting January 1, 2025, the company intends to buy back up to $5 million of its own common stock, concluding the program by the end of December 31, 2025.
The shares acquired through this initiative will be classified as authorized but unissued stock. The corporation has outlined that repurchases may occur via various methods, including open market purchases, privately negotiated transactions, and potentially through trading plans that comply with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934.
Management retains discretion over the specific timing, volume, and pricing of the repurchases, which will depend on market conditions, stock price, legal requirements, and other relevant factors. It is important to note that the company has not guaranteed the repurchase of any specific number of shares.
In other recent news, C&F Financial Corporation disclosed that Bryan McKernon, President and CEO of its subsidiary C&F Mortgage Corporation, is set to retire from his executive role by the end of this month. Despite stepping down from his role at C&F Mortgage, McKernon will continue to contribute to the company's leadership as the Executive Vice Chairman of the Board of Directors of C&F Mortgage through the end of 2025. His presence will also be maintained on the Board of Directors of Citizens and Farmers Bank, another subsidiary of C&F Financial Corporation.
Yet, the company has not announced a successor for McKernon's position as President and CEO of C&F Mortgage. Further details regarding the transition plan are expected to be disclosed at a later time. These are the recent developments in the company that investors should be aware of. It's important to note that these changes come directly from the company and have been verified through an 8-K filing with the Securities and Exchange Commission.
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