FAIRFAX, Va. - FVCBankcorp, Inc. (NASDAQ:FVCB), a Virginia-based bank holding company, announced the extension of its share repurchase program. The program, originally initiated in 2020, allows for the repurchase of up to 1,300,000 shares, representing approximately 7% of its outstanding common stock as of December 31, 2023. This buyback plan is now set to expire on March 31, 2025, unless terminated earlier by the company's Board of Directors.
In 2023, FVCBankcorp repurchased 115,750 shares of its common stock during periods when trading windows were open. The company has stated that future repurchases may occur through open market purchases, block trades, or privately negotiated transactions. Still, such repurchases will be subject to management's discretion, taking into account market conditions and other relevant factors.
The repurchase program will be conducted in compliance with SEC Rule 10b-18 and may also be executed under a trading plan in accordance with SEC Rule 10b5-1. This would enable the company to buy back shares even when it might otherwise be restricted from doing so due to insider trading laws. Once repurchased, the shares will be cancelled and returned to the status of authorized but unissued shares.
FVCBankcorp has emphasized that the share repurchase program does not obligate it to repurchase any specific number of shares and may be modified, suspended, or terminated at any time based on various factors. These include market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and the need for capital in the company's operations.
FVCBankcorp, Inc. is the parent company of FVCbank, which began operations in November 2007. FVCbank, with assets totaling $2.19 billion, provides banking services to commercial businesses, nonprofit organizations, professional service entities, and their employees in the Baltimore and Washington D.C. metropolitan areas.
The bank operates nine full-service offices across Virginia, Washington D.C., and Maryland.
The information in this article is based on a press release statement by FVCBankcorp, Inc.
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