Business
Bank7 Corp. Announces Stock Repurchase Plan, Declares a $0.10 Quarterly Dividend and Completes Previously Announced Stock Transfer to Executives
OKLAHOMA CITY, Sept. 5, 2019 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7, announced today that
About this update from Bank7 Corp.
[{"type":"text","content":"OKLAHOMA CITY, Sept. 5, 2019 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) (\"the Company\"), the parent company of Oklahoma City-based Bank7, announced today that its board of directors (the \"Board\") has modified its capital management plan, as the Company and its shareholders continue to benefit from robust earnings, great asset quality, all-time high capital ratios, and excellent operating efficiencies. The Company expects to continue to increase capital ratios due to its strong earnings, allowing it to continue to pursue growth, including through acquisitions. The following actions are intended to improve earnings per share, return excess capital to shareholders and further align executive management and shareholders' interest: \nThe Board authorized the Company to repurchase up to 500,000 shares, or approximately 5% of current outstanding shares, of the Company's common stock. The Board declared a $0.10 per share quarterly dividend, payable on October 16, 2019 to shareholders of record on October 1, 2019. As disclosed in the Company's Registration Statement on Form S-1 for its initial public offering and in its Annual Report on Form 10-K dated March 31, 2019, the Haines Trusts transferred shares equal to approximately 6.5% of outstanding shares to the executive management team.\n \nStock Repurchase Program\nThe Board has authorized a stock repurchase program to purchase up to 500,000 shares, or approximately 5%, of the Company's outstanding common stock, par value $0.01 per share. The stock repurchase program has a term of two (2) years.\nIn announcing the stock repurchase program, Board Chairman William B. Haines, commented: \"Bank7 has delivered exceptional return on equity, consistently strong asset quality, and continued robust earnings, which has resulted in record capital levels. Our Board believes the adoption of a stock repurchase program is an important capital management tool that demonstrates our continuing commitment to increase shareholder value.\"\nThe shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factor...