ATLANTA, Aug. 20, 2019 (GLOBE NEWSWIRE) — SouthCrest Financial Group (SCSG:PK), the holding company for SouthCrest Bank, N.A., announced today that it has received approval for a program to repurchase up to $5 million in shares of SCSG common stock through June 30, 2020.
CEO Brian D. Schmitt stated, “We are always looking for the best uses of the Company’s capital, and currently we believe that future shareholder value will be enhanced through a buyback today. If SouthCrest’s capital allocation opportunities change, we will pivot to our most efficient path at that time.”
The share repurchases may be conducted through open market trades, privately negotiated transactions or such other structures as SCSG’s management team may determine. The repurchase program may be suspended, terminated or modified at any time and for any reason at the discretion of SCSG’s management team, and the repurchase program does not obligate SCSG to purchase any particular number of shares.
SouthCrest Financial Group, Inc. is a bank holding company with over half a billion dollars in assets, headquartered in Atlanta, GA. The company operates a 9 branch network throughout Georgia through its subsidiary bank, SouthCrest Bank, N.A. The bank provides a full suite of retail, private, entrepreneurial, high-net-worth and commercial banking services, and online banking services.
FORWARD LOOKING STATEMENTS
This presentation may contain certain “forward-looking statements” that are subject to risks, uncertainties, and other factors that could cause actual results and shareholder values to differ materially from those projected. Factors that could cause or contribute to such differences include economic conditions, government regulation and legislation, changes in interest rates, credit quality, competition, and other risk factors.
Chief Financial Officer