PRINCE GEORGE, Virginia., November 3, 2021 / PRNewswire / – Touchstone Bankshares, Inc. (the “Company”) (OTC Pink: TSBA) today announced that the board of directors of the Company has authorized a share repurchase program to repurchase up to 150,000 ordinary shares issued and outstanding of the Company through August 31, 2022.
James black, the President and CEO of the Company, said, “The authorization to repurchase shares represents our financial strength and our commitment to increasing shareholder value. than before the authorization of the buyback plan. ”
Redemptions under the program may be effected through privately traded transactions or open market transactions, including in accordance with a trading plan in accordance with Rule 10b5-1 and / or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. DA Davidson & Co. was selected as the management broker to assist with the buyout. The timing, number and purchase price of shares repurchased under the program, if any, will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares. as a percentage of tangible book value, market and economic conditions, applicable legal requirements and other conditions, and there can be no assurance that the Company will purchase any shares under the program.
About Touchstone Bankshares, Inc.
Touchstone Bankshares, Inc. is the banking holding company of Touchstone Bank. The majority of the Company’s business activities are conducted through Touchstone Bank. Touchstone Bank is a full-service community bank based in Prince George, Virginia. The Bank has ten branches serving the South and Central Virginia and two branches and a loan center serving North North Carolina. Visit www.touchstone.bank for more information.
In addition to historical information, this press release may contain certain forward-looking statements. For this purpose, any statement that is not a statement of historical fact may be considered a forward-looking statement. Forward-looking statements are subject to many assumptions, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include, without limitation, the impacts of the ongoing COVID-19 pandemic; changes in interest rates and general economic conditions; the legislative / regulatory climate; the monetary and fiscal policies of the US government; the quality or composition of loan or investment portfolios; demand for loan products; flow of deposits; competetion; the demand for financial services in the Company’s market area; mergers, acquisitions and divestitures; the implementation of new technologies and the ability to develop and maintain safe and reliable electronic systems; and tax and accounting rules, principles, policies and guidelines.
James R. Black
President and CEO, Touchstone Bankshares, Inc.
Troy N. Carlson
Senior Vice President and Professional of Community Banking, DA Davidson Co.
SOURCE Touchstone Bankshares, Inc.