Primis Financial Announces Stock Repurchase Program to Boost Shareholder Value
- Primis Financial launches a stock repurchase program for up to 750,000 shares to enhance shareholder value.
- The program starts on December 18, 2025, and reflects Primis's confidence in its financial health.
- Primis Financial's strong asset base supports this initiative, demonstrating commitment to maximizing shareholder returns.
Primis Financial Launches New Stock Repurchase Program to Enhance Shareholder Value
Primis Financial Corp. announces a new stock repurchase program, a strategic move aimed at enhancing shareholder value and demonstrating confidence in the company’s financial health. The board of directors approves the repurchase of up to 750,000 shares of common stock, with the program set to commence on December 18, 2025, and run through December 18, 2026, unless terminated or extended earlier. This initiative follows a previous successful buyback, where the company repurchased 79,549 shares at an average cost of $10.00 each. By engaging in open market purchases and privately negotiated transactions, Primis Financial aims to leverage its financial position while adhering to regulatory requirements established under the Securities Exchange Act of 1934.
The newly announced program allows Primis to utilize Rule 10b-18, which sets guidelines for share repurchases, ensuring that the company operates within legal frameworks. Additionally, the option to execute trades under Rule 10b5-1 provides further flexibility, enabling the company to continue share buybacks even during self-imposed trading blackout periods. This strategic flexibility positions Primis Financial to respond effectively to market conditions, stock performance, and available funds, allowing for a tailored approach in managing its capital structure.
As of September 30, 2025, Primis Financial boasts total assets of $4.0 billion, with a strong loan portfolio of $3.2 billion and total deposits reaching $3.3 billion. The company's robust financial foundation supports the new repurchase program, reflecting its commitment to maximizing shareholder returns. Furthermore, Primis Bank continues to serve individuals and small to medium-sized businesses across Virginia and Maryland, with 24 full-service branches and a growing suite of digital banking services via online and mobile applications.
In addition to the repurchase program, Primis Financial maintains discretion over the timing and extent of its stock buybacks, allowing for nimbleness in response to evolving market dynamics. The company’s proactive approach to capital management indicates a strong alignment between corporate strategy and shareholder interests, reinforcing its position in the competitive banking landscape. Overall, this development is a clear indication of Primis Financial's commitment to creating value for its shareholders while maintaining a strong operational footing.