SmartFinancial authorizes $10M stock repurchase plan
SmartFinancial announced that its board of directors authorized a stock repurchase plan. Under the plan, SmartFinancial may repurchase up to $10M of its outstanding shares of common stock. The shares will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, depending upon market conditions. Through the plan, the purchases will be funded from available working capital, and the repurchased shares will be become authorized, unissued shares. There is no guarantee as to the exact number of shares that will be redeemed by SmartFinancial, and SmartFinancial may discontinue repurchases at any time that management determines additional purchases are not warranted.