Integrated Financial Holdings, Inc. Announces Stock Repurchase Program
RALEIGH, N.C., March 15, 2021 /PRNewswire/ -- Integrated Financial Holdings, Inc. (OTCPK: IFHI) (the "Company" or "IFH"), parent company of West Town Bank & Trust, announced today that its Board of Directors has authorized a new stock repurchase program under which the Company may repurchase up to
Purchases made pursuant to the program will be made in privately negotiated transactions from time-to-time as permitted by Federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the Company at its discretion and will be subject to economic and market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, applicable legal requirements, as well as other factors. The Company has no obligation to repurchase any shares under this program, and the program may be terminated, suspended or discontinued at any time.
"Our capital position remains strong during these challenging times and our Board of Directors believes a stock repurchase program will allow us to continue to deliver on our commitment to maximize shareholder returns," said Eric Bergevin, President & CEO of IFH. "In addition, the action reflects the Board's confidence in our future and our strategic management of the Company's capital to enhance long-term shareholder value."
Repurchase inquirers should contact Eric Bergevin or Roberta Geramita at (252) 482-4400 to register a request.
About Integrated Financial Holdings, Inc.
Integrated Financial Holdings, Inc. ("IFH") is a North Carolina-based financial services holding company, specializing in small business lending solutions and targeted bank deposit products to underserved verticals with a focus on technology and collaborative, opportunistic investments.
IFH is the holding company for West Town Bank & Trust ("WTBT"), an Illinois state-chartered bank. WTBT provides banking services through its main office located in the greater Chicago area. IFH is also the parent company of; West Town Insurance Agency, Inc., an insurance agency; Windsor Advantage, LLC, a loan processing and servicing company; SBA Loan Documentation Services, LLC, a loan documentation origination company; Glenwood Structured Finance, LLC, a brokerage and large loan syndication company; and Patriarch, LLC, a real estate management company. IFH maintains an interest in two additional companies (RiskScout, Inc. and Dogwood State Bank) and recently formed a strategic partnership with West Town Payments, LLC. IFH is registered with, and supervised by, the Federal Reserve. To learn more, visit ifhinc.com.
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; fluctuations in the Company's stock price that may make purchases under the repurchase program less desirable; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values that affect the Company's financial condition; changes in banking regulations and accounting principles, policies, or guidelines; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Company's acquisition and divesture activities; the failure of our strategic investments or acquisitions to perform as anticipated and the impact of any impairments to our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees, and the impact of competition from traditional or new sources. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
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SOURCE Integrated Financial Holdings, Inc.
