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BROOKFIELD, Wis., Feb. 04, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the parent company of CIBM Bank, has authorized a 2025 share repurchase program for up to $1 million worth of the Company’s outstanding common stock. This marks the Company’s first common stock repurchase program since completing the repurchase of all Company-issued preferred stock in 2024.
Repurchases are expected to commence in the first quarter of 2025. Common stock may be repurchased in the open market or through privately negotiated transactions. Common share repurchases will be made at the Company’s discretion, with the timing and amount determined by a number of factors, including, the availability of common shares, general market conditions, trading prices, economic conditions, regulatory requirements, and the Company’s financial performance. All stock purchases will be made in accordance with applicable legal requirements. The repurchase program does not obligate the Company to purchase a specific amount of common stock within any particular time frame, and there is no guarantee that any shares will be repurchased upon criteria established by the Company. The Board of Directors will evaluate repurchase conditions at least quarterly to determine the terms and conditions for repurchase activity.
“Having just completed our very successful preferred stock repurchase plan in October, this common stock repurchase program will build off of the momentum of 2024 as we continue to expand meaningful opportunities for shareholder value,” stated Brian Chaffin, President and CEO. “We recognize the important opportunity that current market conditions afford for stock repurchase activity, and the benefits it provides to our shareholders.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices and has mortgage loan officers and/or offices in nine states. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.