By Zach Armstrong
PRINCE GEORGE, Va -- The board of directors at Touchstone Bankshares, Inc. has authorized a share repurchase program to repurchase up to 150,000 shares of the Company’s issued and outstanding common stock through Aug. 31, 2022.
James Black, the Company’s President and Chief Executive Officer, stated in a release, “The share repurchase authorization represents our financial strength and commitment to enhance shareholder value. Additionally, given the stock is thinly traded, this may provide an opportunity for shareholders to sell a greater number of shares than before the repurchase plan was authorized.”
Touchstone Bank is a full-service community bank headquartered in Prince George, Virginia with ten branches serving Southern and Central Virginia and two branches and a loan center serving Northern North Carolina.
Repurchases may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934. D.A. Davidson & Co. has been selected as managing broker to assist with the repurchase.
The timing, number and purchase price of shares repurchased under the program will be determined by management and factors including the market price of the shares as a percentage of tangible book value, general market and economic conditions or applicable legal requirements. There is no assurance that the Company will purchase any shares under the program.
Touchstone Bankshares, Inc. Touchstone Bankshares, Inc. is the bank holding company for Touchstone Bank. The majority of the Company's business activities are conducted through Touchstone Bank.