ATMORE, Ala., Nov. 6, 2020 /PRNewswire/ — United Bancorporation of Alabama (OTCQX: UBAB) (the «Company»), the parent company of United Bank and UB Community Development, announced today that the Board of Directors has adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 186,637 shares or approximately 5% of the currently outstanding shares of its common stock.
Repurchases will be made at the discretion of management when pricing is considered attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases and negotiated transactions at prevailing market prices will be conducted in accordance with applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason. There is no guarantee as to the exact number of shares that will be repurchased by the Company.
CEO Robert R. Jones, III commented, «We are pleased to announce this stock repurchase program, which reflects the Board’s confidence in our future and our commitment to strategically manage the Company’s capital in order to enhance long-term shareholder value.»
United Bancorporation is headquartered at 200 East Nashville Ave, Atmore, AL. As of September 30, 2020, United Bancorporation of Alabama, Inc. had total assets of $903.2 million, loans of $544.1 million and total deposits of $770.7 million.
This press release appears as a matter of record only and shall not constitute an offer to sell or the solicitation of an offer to buy securities.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding PB Financial Corporation. Those statements may include but are not limited to statements regarding the Company’s plans, objectives, expectations and intentions and other statements identified by words such as «believes,» «considers,» «expects,» «anticipates,» «estimates,» «intends,» «plans,» «targets,» «projects,» «would be,» and similar expressions. These statements are based upon current beliefs and expectations of management of PB Financial Corporation and are subject to significant risks and uncertainties. Actual or future results or events may differ from those set forth in the forward-looking statements. PB Financial Corporation does not undertake to update any forward-looking statements in this press release. The information as of and for the quarter ended September 30, 2020 as presented is unaudited.
For more information, contact:
Robert R. Jones III, President and CEO
SVP, Chief Marketing & Public Relations Officer
SOURCE United Bancorporation