Monarch Financial Holdings, Inc. Announces Stock Repurchase Program
24 Septembre 2015 - 2:30PM
Monarch Financial Holdings, Inc. (Nasdaq:MNRK), parent of Monarch
Bank, announced that the Company’s board of directors has approved
the repurchase of up to five percent of the Company's outstanding
common stock, or approximately 540,000 shares, over the next twelve
months. Repurchases may be conducted from time to time
through open market purchases or privately negotiated
transactions. The timing and actual number of shares
repurchased will depend on market conditions and other
factors.
“This repurchase program is in direct response to the recent
volatility in the market and the disconnect between our stock price
and our performance when compared to our peers,” noted Brad E.
Schwartz, Chief Executive Officer. “Our stock is trading at a
discount to our peers despite our record 2015 financial performance
and longer term above market returns. With consistent and
measured loan and deposit growth, strong asset quality and a
mortgage banking operation that is both profitable and agile we
feel our stock price is at the right price for repurchase.
This is just one aspect of our overall capital management strategy,
and does not rule out other future actions.”
Monarch Financial Holdings, Inc. is the one-bank holding company
for Monarch Bank. Monarch Bank is a community bank with ten
banking offices in Chesapeake, Virginia Beach, Norfolk, and
Williamsburg, Virginia. Monarch Bank also has loan production
offices in Newport News and Richmond, Virginia. OBX Bank, a
division of Monarch Bank, operates offices in Kitty Hawk and Nags
Head, North Carolina. Monarch Mortgage and our affiliated
mortgage companies have over thirty offices with locations in
Virginia, North Carolina, Maryland, and South Carolina. Our
subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch
Mortgage (secondary mortgage origination), OBX Bank Mortgage
(secondary mortgage origination), Coastal Home Mortgage, LLC
(secondary mortgage origination), Fitzgerald Financial, LLC
(secondary mortgage origination), Advance Mortgage, LLC (secondary
mortgage origination), Monarch Bank Private Wealth (investment,
trust, planning and private banking), Monarch Investments
(investment and insurance solutions), Real Estate Security Agency,
LLC (title agency) and Monarch Capital, LLC (commercial mortgage
brokerage). The shares of common stock of Monarch Financial
Holdings, Inc. are publicly traded on the Nasdaq Capital Market
under the symbol “MNRK”.
This press release may contain “forward-looking statements,”
within the meaning of federal securities laws that involve
significant risks and uncertainties. Statements herein are based on
certain assumptions and analyses by the Company and are factors it
believes are appropriate in the circumstances. Actual results could
differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to:
changes in interest rates; changes in accounting principles,
policies, or guidelines; significant changes in the economic
scenario: significant changes in regulatory requirements; and
significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company’s
most recent Form 10-K and 10-Q reports and other documents filed
with the Securities and Exchange Commission. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
Contact: Brad E. Schwartz – (757) 389-5111, www.monarchbank.com
Monarch Financial Holdings, Inc. (NASDAQ:MNRK)
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