Independent Bank Group announced that its board has declared a quarterly cash dividend in the amount of 14c per share of common stock. The dividend will be payable on November 15 to stockholders of record as of the close of business on November 5. Independent Bank Group also announced that the Board of Directors has reestablished a share repurchase program which authorizes the repurchase of up to $75M of its common stock. The company plans to repurchase its shares in open market transactions from time to time or through privately negotiated transactions, at the company's discretion. Commenting on the announcement David R. Brooks, Chairman and CEO, said, "Given the current market for bank stock prices, we believe that now is a good time for us to reestablish a share repurchase program. This program gives us an additional tool with which to enhance shareholder value. We plan to implement the program at such time and price as repurchases are considered beneficial to the Company and its stockholders." Brooks continued, "The Board's approval of a stock repurchase program reflects continued confidence in our ability to execute the Company's key strategies."The repurchase program is authorized to continue through October 1, 2019.
