Farmers Banc Corp. to Buy Back 1M Shares
CANFIELD, Ohio – Farmers National Banc Corp., announced today that its board of directors has approved a share repurchase program under which the company is authorized to repurchase up to 1,000,000 shares of its common stock exclusive of any fees, commissions or other expenses.
Repurchases under the program will be made periodically depending on market conditions and other factors, the company said.
“We remain focused on allocating capital to support our growth strategies, dividend policy, and share repurchase programs,” says Kevin J. Helmick, president and CEO. “To date in 2023, we have repurchased approximately $5.0 million of our common stock. In addition, since 2018, when we paid out 38 cents per share in annual dividends, our annual dividend per share has grown to an annualized amount of 68 cents. The repurchases and growth in our dividend reflect our strong financial position and performance, and our longstanding commitment to creating sustained value for our shareholders.”
The program may be modified, suspended, or terminated by the company at any time, according to the announcement. The new program supersedes the company’s previous share repurchase program approved in 2019, which authorized the purchase of up to 1,500,000 shares of common stock, 198,336 of which remained available for repurchase as of Feb. 28.
The company says it had repurchased approximately 1,301,664 shares under the earlier program.
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