Community Bankers Trust Corporation Reinstates Share Repurchase Program and Increases Dividend

Strategic Insights -

Community Bankers Trust Corporation (NASDAQ: ESXB), the holding company for Essex Bank, has announced the recommencement of its share repurchase program and an increase in its quarterly dividend. The Company will repurchase up to 200,000 shares of its common stock through January 2021, and the quarterly dividend will be $0.06 per share, a $0.01 increase from previous dividends. This move is a part of the Company's strategy to focus on long-term growth and maximize value for its shareholders.

Key Takeaways:

  • The Company's Board of Directors has reauthorized the share repurchase program, with approval to repurchase up to 200,000 shares of its common stock through January 2021.
  • The program will allow the Company to purchase shares periodically in privately negotiated transactions or in open market transactions at prevailing market prices.
  • The Company has also declared a quarterly dividend of $0.06 per share, which represents a $0.01 increase over the previous quarter.
  • The dividend will be payable on December 1, 2020, to shareholders of record at the close of business on November 20, 2020.
  • The execution of the share repurchase program and the increase in dividend demonstrate the Company's commitment to long-term growth and maximizing value for its shareholders.
  • Rex L. Smith, III, the Company's President and Chief Executive Officer, emphasized the Company's focus on executing key strategies and plans under any economic environment.
  • The actual means and timing of any purchases will depend on a number of factors, including the market price of the Company's common stock, share issuances under the Company's equity plans, and general market and economic conditions.

Statistics:

  • The Company will repurchase up to 200,000 shares of its common stock through January 2021. (Source: Community Bankers Trust Corporation)
  • The quarterly dividend declared by the Company is $0.06 per share, a $0.01 increase from previous dividends. (Source: Community Bankers Trust Corporation)
  • The dividend will be payable on December 1, 2020, to shareholders of record at the close of business on November 20, 2020. (Source: Community Bankers Trust Corporation)
  • The Company has repurchased 130,800 shares of its common stock since starting its previous share repurchase program in January 2020. (Source: Community Bankers Trust Corporation)

Sources:

  • Community Bankers Trust Corporation (www.cbtrustcorp.com)
  • Essex Bank (www.essexbank.com)
  • Securities and Exchange Commission (www.sec.gov)
  • Press Release: Community Bankers Trust Corporation Announces Recommencement of Share Repurchase Program and Increase in Quarterly Dividend (October 29, 2020)