OVBC announces extension of Stock Buyback Program

Ohio Valley Banc Corp. (OVBC) has extended its stock buyback program to August 31, 2025.

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Rhea-AI Summary

Ohio Valley Banc Corp. (OVBC) has extended its stock buyback program to August 31, 2025. The program, initially approved in 2021, allows for the repurchase of up to $5 million in outstanding common stock. As of August 21, 2024, OVBC had already repurchased approximately $2,967,000 in common stock. The Board of Directors authorized this extension, maintaining the original terms of the program. The buyback initiative can be terminated or amended by the Board at any time before the new expiration date.

Positive

Extension of stock buyback program until August 31, 2025
$2,967,000 worth of common stock already repurchased
Continued commitment to returning value to shareholders

Negative

None.

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08/21/2024 - 04:11 PM EDT

GALLIPOLIS, Ohio, Aug. 21, 2024 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] (the "Company") announced the Board of Directors has authorized the extension date of its existing stock buyback program to August 31, 2025.

The program was originally approved by the board in 2021 and was set to expire August 31 of this year. With the extension, the share repurchase program will continue to authorize the repurchase of up to $5 million in shares of the Company's outstanding common stock. As of August 21, 2024, the Company had repurchased approximately $2,967,000 in common stock.

Other than the extension of the program for an additional year, no changes were made to the stock buyback program. The program may be terminated or amended by the Board at any time prior to the expiration date.

About Ohio Valley Banc Corp.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. Ohio Valley Banc Corp. is based in Gallipolis, Ohio. The company owns The Ohio Valley Bank Company, with 17 offices in Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio. Learn more about Ohio Valley Banc Corp. at www.ovbc.com.

Contact: Scott Shockey, CFO 740-446-2631

View original content:https://www.prnewswire.com/news-releases/ovbc-announces-extension-of-stock-buyback-program-302227922.html

SOURCE Ohio Valley Banc Corp.

FAQ

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What is the new expiration date for OVBC's stock buyback program?

The new expiration date for Ohio Valley Banc Corp's (OVBC) stock buyback program is August 31, 2025.

How much has OVBC repurchased in common stock as of August 21, 2024?

As of August 21, 2024, Ohio Valley Banc Corp (OVBC) had repurchased approximately $2,967,000 in common stock.

What is the total amount authorized for OVBC's stock buyback program?

Ohio Valley Banc Corp (OVBC) has authorized the repurchase of up to $5 million in shares of the company's outstanding common stock.

When was OVBC's stock buyback program originally approved?

Ohio Valley Banc Corp's (OVBC) stock buyback program was originally approved by the board in 2021.

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OVBC announces extension of Stock Buyback Program