Red River Bancshares, Inc. Announces Private Stock Repurchase and Amendment of Repurchase Program
Rhea-AI Summary
Red River Bancshares, Inc. (Nasdaq: RRBI) has announced a private stock repurchase agreement and an amendment to its existing repurchase program. The company will repurchase 60,000 shares of its common stock from two shareholders in a privately-negotiated transaction for $3.0 million. This purchase price represents a discount to the 10-, 20-, and 30-day volume weighted average price as of July 31, 2024.
As a result of this transaction, Red River Bancshares has reduced the availability under its previously announced 2024 $5.0 million repurchase program by $3.0 million. Following the closure of this deal, the company will have approximately $1.2 million of remaining capacity under the Repurchase Program.
Positive
- Private stock repurchase of 60,000 shares for $3.0 million
- Purchase price reflects a discount to recent volume weighted average prices
- Demonstrates commitment to increasing shareholder value
- $1.2 million remaining capacity in the Repurchase Program
Negative
- Reduction in available funds for future stock repurchases under the Repurchase Program
News Market Reaction
On the day this news was published, RRBI declined 0.60%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ALEXANDRIA, La., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that, on August 8, 2024, the Company entered into a stock repurchase agreement with two shareholders for the repurchase by the Company of 60,000 shares of its common stock in a privately-negotiated transaction for a purchase price of
About Red River Bancshares, Inc.
The Company is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.
Forward-Looking Statements
This press release may contain forward-looking statements that are based on various facts and derived using numerous assumptions that are subject to known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information about the expected benefits of the repurchase, information concerning the timing, manner, amount, and overall impact of future purchases under the repurchase program, as well as any other statement other than statements of historical fact. Words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements are not historical facts, and are based on current expectations, estimates, and projections about the Company’s industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, assumptions, and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Unless required by law, the Company also disclaims any obligation to update any forward-looking statements. Interested parties should not place undue reliance on any forward-looking statement and should carefully consider the risks and other factors that the Company faces. For a discussion of these risks and other factors, please see the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the Securities and Exchange Commission from time to time.
Contact:
Julia Callis
Senior Vice President, General Counsel, and Corporate Secretary
318-561-4042
julia.callis@redriverbank.net
FAQ
How many shares did Red River Bancshares (RRBI) repurchase in the private transaction?
What was the total value of the stock repurchase by Red River Bancshares (RRBI)?
How much capacity remains in Red River Bancshares' (RRBI) Repurchase Program after this transaction?
When did Red River Bancshares (RRBI) enter into the stock repurchase agreement?
