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LCNB Corp. Announces New 500,000 Share Repurchase Program
LEBANON, Ohio--(BUSINESS WIRE)-- LCNB Corp. (Nasdaq: LCNB) today announced that the Company’s Board of Directors has approved a new share repurchase program
About this update from Lcnb Corporation
[{"type":"text","content":" LEBANON, Ohio--(BUSINESS WIRE)--\nLCNB Corp. (Nasdaq: LCNB) today announced that the Company’s Board of Directors has approved a new share repurchase program under which the Company is authorized to repurchase up to 500,000 shares of its common stock (the “Program”).\n\nLCNB President and Chief Executive Officer Eric Meilstrup said, “Since 2020, LCNB has invested approximately $34 million to repurchase 1,851,403 shares of our stock, reducing our common shares outstanding by approximately 14.3% prior to the repurchase. In addition, over this period our annual dividend has increased by 11% to $0.81 per share. Our share repurchase program and dividend policy reflect LCNB’s compelling business model, strong balance sheet, and excellent asset quality, as well as our long-standing commitment to maintain attractive returns and return excess capital back to shareholders.”\n\nThe Program will replace and supersede LCNB’s prior share repurchase program approved on May 27, 2022, which authorized the repurchase of up to 500,000 of its outstanding common shares. Under the Program, the Company may purchase common shares through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price, and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The Program may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of its common shares.\n\nAbout LCNB Corp.\n\nLCNB Corp. is a financial holding company headquartered in Lebanon, Ohio. Through its subsidiary, LCNB National Bank (the “Bank”), it serves customers and communities in Southwest and South-Central Ohio. A financial institution with a long tradition for building strong relationships with customers and communities, the Bank offers convenient banking locations in Butler, Clermont, Clinton, Fayette, Franklin, Hamilton, Montgomery, Preble, Ross, and Warren Counties, Ohio. The Bank continually strives to exceed customer expectations and provides an array of services for all personal and business banking needs including checking, savings, online banking, per...