Transactions with Related Persons

12 Months Ended

Dec. 31, 2019

TRANSACTIONS WITH RELATED PERSONS

BancShares has, and expects to have in the future, banking transactions in the ordinary course of business with directors, officers and their associates (“Related Persons”) and entities controlled by Related Persons.

For those identified as Related Persons as of December 31, 2019, the following table provides an analysis of changes in the loans outstanding during 2019 and 2018:



	Year ended December 31
(dollars in thousands)	2019			2018
Balance at January 1	$	199		$	74
New loans	5			134
Repayments	(59		)	(9		)
Balance at December 31	$	145		$	199

The amounts presented exclude loans to Related Persons for credit card lines of $15,000 or less, overdraft lines of $5,000 or less and intercompany transactions between BancShares and FCB.

Unfunded loan commitments available to Related Persons were $2.6 million and $4.3 million as of December 31, 2019 and 2018, respectively.

During the year ended December 31, 2019, BancShares repurchased 100,000 shares of its outstanding Class A common stock at an average price of $464.90 per share from Ella Anna Holding, as trustee of her revocable trust. Mrs. Holding is the widow of BancShares’ former Executive Vice Chairman, Frank B. Holding, and the mother of Frank B. Holding, Jr. and Hope H. Bryant, BancShares’ Chairman and Chief Executive Officer and Vice Chairman, respectively. Pursuant to the existing share repurchase authorization, the Board’s independent Audit Committee reviewed and approved the repurchase of up to 250,000 shares held by Mrs. Holding on or before April 30, 2020, pursuant to BancShares’ related person transaction policy.