Simmons First National Corp. (SFNC) said Monday that it has substantially completed the existing stock repurchase program and that its Board of Directors has adopted a new stock repurchase program.
The new program authorizes the repurchase of up to 850,000 shares of Class A common stock or about 5% of the shares outstanding.
The shares are to be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions.
There is no time limit for the stock repurchases, nor is there a minimum number of shares that the company plans to repurchase.
The repurchased shares are expected to be used to satisfy stock option exercises, payment of future stock dividends and general corporate purposes.
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