Media release: Greater Community Bancshares Inc., the holding company for Greater Community Bank, announces that its Board of Directors has approved a stock repurchase program that will enable the company to repurchase up to $650,000 of its common stock.
“The Board’s decision to repurchase stock was based on the strength of the company’s balance sheet and capital position,” said David J. Lance, President and CEO. “This repurchase program demonstrates the Board’s confidence in our future and our commitment to delivering value to all of our stakeholders.”
Under the stock repurchase program, Greater Community Bancshares Inc. may purchase shares of its common stock from shareholders of two shares or less at a purchase price of
$18,000 per share. The Board considers the price to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, alternative uses for capital, and the Company’s financial performance.
The stock repurchase program continues through July 16, 2019, and may be modified, suspended or terminated at any time by the Board of Directors. The repurchase
program obligates the Company to purchase no more than $650,000 of its common stock. Greater Community Bancshares, Inc. had approximately 995 shares of common stock
outstanding as of March 31, 2019.