JASPER, Indiana, May 17, 2023 -- SVB&T Corporation (OTCQX: SVBT), the parent company of Springs Valley Bank & Trust Company, announced that its Board of Directors has approved a share repurchase plan to replace the previously expired repurchase plan that was in place until December 31, 2022. Under the program, the Corporation may spend in aggregate up to $1 million to repurchase shares of its common stock if and when such shares become available. This repurchase program is for the purposes of increasing return on equity and earnings per share; providing additional shareholder liquidity; and assisting in satisfying the awards under the Corporation’s 2019 Equity Incentive Plan.
The price per share, amount, and timing of shares repurchased under the repurchase plan will be determined by management after considering market conditions, company performance, and other factors, including recent trades in the Corporation's stock of which management is aware. The new plan does not obligate SVB&T Corporation to repurchase any specific dollar amount or number of shares. The repurchase program may be suspended or discontinued at any time.
Shareholders interested in either buying or selling SVB&T shares should consult with their financial advisor or broker, or may contact SVB&T’s preferred market maker, D.A. Davidson & Co., at 800-394-9230 for more information. SVB&T Corporation’s shares are traded on the OTCQX exchange under the ticker symbol SVBT.
More Information
Selected Consolidated Financial Data of SVB&T Corporation
(In Thousands, Except Shares Outstanding and Per Share Data)
For more information contact: Ryan Heim, Treasurer & CFO, SVB&T Corporation, at 812.634.4889 or rheim@svbt.com.
SVB&T Corporation is headquartered at 8482 West State Road 56, French Lick, Indiana 47432 with administrative offices at 1500 Main Street, Jasper, Indiana 47546. Its subsidiary, Springs Valley Bank & Trust Company, has locations in Dubois, Daviess, Gibson, and Orange Counties, offering full-service bank and financial services. Springs Valley has products and services for all types of families and businesses, including checking and savings accounts, certificates of deposit, electronic services, online consumer and mortgage applications, and a variety of other loan options. Springs Valley Bank is a member of FDIC and is an Equal Housing Lender.
In addition, the company has a full-service financial advisory group managed by experienced, talented professionals specializing in estate planning, tax planning, and wealth management. Investment services are also offered by a licensed, professional Springs Valley representative. Trust and investment products are not deposits; not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the depository institution; not insured by any Federal Government Agency; and may lose value - subject to investment risks, including possible loss of the principal amount invested.
More information can be found online at www.svbt.bank. The Corporation’s stock is traded on the OTCQX trading platform under ticker symbol SVBT (www.otcmarkets.com).
Information conveyed in this press release regarding SVB&T Corporation’s and its subsidiaries’ anticipated future performance is forward-looking and therefore involves risks and uncertainties that could cause the results or developments to differ significantly from those indicated in these statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in general and local banking, as well as mortgage conditions, competitive factors specific to markets in which the company and its subsidiaries operate, future interest rate levels, changes in local real estate markets, legislative and regulatory decisions, capital market conditions, and/or other factors.