PRINCE GEORGE, Va., Nov. 3, 2021 /PRNewswire/ -- Touchstone Bankshares, Inc. (the "Company") (OTC Pink: TSBA) announced today the Company's Board of Directors has authorized a share repurchase program to repurchase up to 150,000 shares of the Company's issued and outstanding common stock through August 31, 2022.
James Black, the Company's President and Chief Executive Officer, stated, "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."
Repurchases under the program 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, as amended. 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, 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, general market and economic conditions, applicable legal requirements and other conditions, and there is no assurance that the Company will purchase any shares under the program.
About 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. Touchstone Bank is a full-service community bank headquartered in Prince George, Virginia. The Bank has ten branches serving Southern and Central Virginia and two branches and a loan center serving Northern North Carolina. Visit www.touchstone.bank for more information.
Forward-Looking Statements:
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 deemed to be a forward-looking statement. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, and actual results could differ materially from historical results or those anticipated by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, the impacts of the ongoing COVID-19 pandemic; changes in interest rates and general economic conditions; the legislative/regulatory climate; monetary and fiscal policies of the U.S. Government; the quality or composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; mergers, acquisitions and dispositions; implementation of new technologies and the ability to develop and maintain secure and reliable electronic systems; and tax and accounting rules, principles, policies and guidelines.
Contact:
James R. Black
President and CEO, Touchstone Bankshares, Inc.
(804) 324-7384
Troy N. Carlson
Senior Vice President & Community Bank Professional, D.A. Davidson Co.
(856) 994-6056
tncarlson@dadco.com
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SOURCE Touchstone Bankshares, Inc.
