UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM
CURRENT REPORT
Pursuant to section 13 or 15(d)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On August 12, the Board of Directors of Civista Bancshares, Inc., Sandusky, Ohio announced the initiation of a stock repurchase program of a maximum aggregate value of thirteen million, five hundred thousand ($13,500,000) at such prices that management shall determine to be advantageous to Civista. A copy of the news release is included as exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed “filed” for any purpose.
Civista Bancshares, Inc. is a $2.9 billion financial holding company headquartered in Sandusky, Ohio and may be accessed at www.civb.com. The Company’s common shares are traded on the NASDAQ Capital Market under the symbol “CIVB”.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit 99.1 Press release announcing Share Repurchase Program dated August 12, 2021
Exhibit 104 Cover Page Interactive File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Civista Bancshares, Inc. |
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(Registrant) | ||||||
Date: August 12, 2021 | /s/ Todd A. Michel |
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Todd A. Michel, | ||||||
Senior Vice President and Controller |
Exhibit 99.1
Civista Bancshares, Inc. Announces Share Repurchase Program
Sandusky, Ohio, August 12, 2020 /PRNewswire/ Civista Bancshares, Inc. (NASDAQ:CIVB) (Civista) announced that the Board of Directors has approved a stock repurchase program authorizing Civista to purchase, from time to time, up to an aggregate $13.5 million of its outstanding common shares. This new program replaces the prior share repurchase program approved by the Board of Directors on April 20, 2021. Civista had repurchased approximately $12.8 million under the previous plan, which had authorized Civista to purchase up to an aggregate of $13.5 million of common shares.
Dennis G. Shaffer, Civistas President and CEO commented, The repurchase program authorized by the Board in April 2021 has been well utilized and was nearly depleted. This new authorization will allow us to continue our efforts and to continue delivering value to our shareholders.
Under the share repurchase program, shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws.
There is no guarantee as to the exact number or value of shares that will be repurchased by Civista, and Civista may discontinue repurchases at any time that management determines additional repurchases are not warranted. The timing and amount of share repurchases under the stock repurchase program will depend on a number of factors, including Civistas stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements. The repurchase program will continue until August 10, 2022.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on managements expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as anticipate, estimate, project, intend, plan, believe, will and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista reports filed with the Securities and Exchange Commission, including those described in Item 1A Risk Factors of Part I of Civistas Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and any additional risks identified in the Companys subsequent Form 10-Qs. Undue
reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Civista Bancshares, Inc. is a $2.9 billion financial holding company headquartered in Sandusky, Ohio. The Companys banking subsidiary, Civista Bank, operates 35 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Civista Bancshares, Inc. may be accessed at www.civb.com. The Companys common shares are traded on the NASDAQ Capital Market under the symbol CIVB.
For additional information, contact:
Dennis G. Shaffer
CEO and President
Civista Bancshares, Inc.
888-645-4121
Document and Entity Information |
Aug. 11, 2021 |
---|---|
Cover [Abstract] | |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0000944745 |
Document Type | 8-K |
Document Period End Date | Aug. 11, 2021 |
Entity Registrant Name | Civista Bancshares, Inc. |
Entity Incorporation State Country Code | OH |
Entity File Number | 001-36192 |
Entity Tax Identification Number | 34-1558688 |
Entity Address, Address Line One | 100 East Water Street |
Entity Address, Address Line Two | P.O. Box 5016 |
Entity Address, City or Town | Sandusky |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44870 |
City Area Code | (419) |
Local Phone Number | 625-4121 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common |
Trading Symbol | CIVB |
Entity Emerging Growth Company | false |
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