CapStar Financial increases share repurchase program to $11M
CapStar Financial announced that its board of directors has authorized the expansion of the company's existing stock repurchase program to allow for the repurchase of additional shares of the company's issued and outstanding common stock. Under the expansion, the amount of common stock the company is authorized to repurchase has been increased from approximately $2.2M, the amount remaining in the existing stock repurchase program, to $11M. The company had repurchased approximately $5.8M of shares under the existing stock repurchase program. Repurchases of the Company's common stock will continue to be made in accordance with applicable laws and may be made from time to time in the open market, through privately negotiated transactions or otherwise. The repurchase program will remain in effect until the maximum authorized dollar amount of shares of common stock has been repurchased. The company intends to fund the expanded repurchase program with a combination of cash on hand and cash generated from operations. Additionally, the company's board of directors authorized the company to repurchase shares in privately-negotiated transactions with directors, officers and shareholders of the company.