Primis Financial Announces Stock Repurchase Program to Boost Shareholder Value
- Primis Financial's new stock repurchase program allows buying back up to 750,000 shares to enhance shareholder value.
- The program runs from December 18, 2025, to December 18, 2026, showcasing Primis's commitment to strategic capital allocation.
- Primis Financial aims to balance shareholder returns with investments in banking infrastructure and services amidst strong financial performance.
Primis Financial Launches New Stock Repurchase Program to Enhance Shareholder Value
Primis Financial Corp. announces a new stock repurchase program, approved by its board of directors, that allows the company to buy back up to 750,000 shares of its common stock. Set to commence on December 18, 2025, and run until December 18, 2026, the program signifies the company's commitment to enhancing shareholder value through strategic capital allocation. Primis previously executed a repurchase plan, acquiring 79,549 shares at an average price of $10.00 per share, indicating a proactive approach in managing its equity structure.
The new repurchase initiative enables Primis Financial to conduct transactions in the open market or through privately negotiated deals, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934. This regulatory framework not only governs how companies repurchase their shares but also provides a structured environment for such transactions. The company can also utilize a trading plan under Rule 10b5-1, allowing share purchases during self-imposed blackout periods. This flexibility ensures that Primis can respond to market conditions while executing its repurchase strategy effectively.
The timing and extent of the stock buybacks will depend on several factors, including the company's stock performance, prevailing market conditions, regulatory guidelines, and available financial resources. As of September 30, 2025, Primis Financial reported total assets of $4.0 billion, with total loans held for investment at $3.2 billion and total deposits amounting to $3.3 billion. This strong financial position underscores the company’s capability to undertake the repurchase program while continuing to support its core banking operations, which serve individuals and small to medium-sized businesses across 24 branches in Virginia and Maryland, in addition to its digital banking services.
In addition to the repurchase program, Primis Financial’s focus remains on expanding its banking services. The company is dedicated to enhancing customer experience through its full-service branches and robust online and mobile banking platforms. As it prepares to implement the new repurchase plan, Primis Financial is positioning itself to balance shareholder returns while continuing to invest in its banking infrastructure and services.
Overall, Primis Financial's strategic decision to initiate this repurchase program demonstrates a dual commitment to shareholder value enhancement and sustained growth within the competitive financial services landscape.