COVINGTON – Community First Bancshares, Inc. (“Community First”) (NASDAQ: CFBI), the holding company for Newton Federal Bank, announced that it has adopted a stock repurchase program for up to approximately 5 percent of its outstanding common stock, or 376,912 shares of its common stock. This is Community First’s first stock repurchase program since completing its mutual holding company reorganization and related stock offering in April 2018.
Repurchases may be made no sooner than the termination of Community First’s regular quarterly trading blackout after Community First publicly releases its results of operations for the fiscal quarter ended March 31, 2018, and consistent with Community First’s trading policies.
Shares may be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program has no expiration date.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both Community First and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and Community First’s financial performance. Open market purchases will be subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by Community First at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. Community First is not obligated to repurchase any particular number of shares or any shares in any specific time period.