Appalachian Bancshares To Repurchase $2.5-Million In Shares
ELLIJAY, Ga. - The Board of Directors of Appalachian Bancshares, Inc. (Nasdaq:APAB) has approved a program to repurchase up to $2.5 million of its shares of common stock over the next twelve months. The timing and the amount of the repurchases, if any, will depend on market conditions, share price, trading volume and other factors, and there is no assurance that the Company will purchase shares during this program. Shares may be purchased in the open market or through privately negotiated transactions. The program is expected to be funded from existing cash. The repurchased shares will be held as treasury shares and may be used for employee benefit plans or other corporate purposes.
Tracy Newton, chief executive officer, said, “We believe that this repurchase program represents an attractive opportunity for the Company to increase value for both the Company and our shareholders. Appalachian Bancshares, Inc. and its Board of Directors, as evidenced by this repurchase program, have great confidence in the Company’s fundamentals and its future prospects.”
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