BIRMINGHAM, Ala., Nov. 20,
2024 /PRNewswire/ -- First US Bancshares, Inc.
(Nasdaq: FUSB) (the "Company"), a Delaware corporation based in Birmingham, Alabama, announced today that its
Board of Directors has expanded the Company's existing share
repurchase program. The Company has repurchased 1,289,972
shares of its common stock to date under the repurchase program,
and 352,813 shares remain available for repurchase. The Board
of Directors has authorized the Company to repurchase an additional
600,000 shares under the repurchase program and extended the
expiration of the repurchase program from December 31, 2024, to December 31, 2025. The share repurchase
program was originally approved by the Company's Board of Directors
on January 19, 2006.
Share repurchases under the repurchase program may be made
through open market transactions, through privately negotiated
transactions or otherwise at times and in such amounts as
management deems appropriate, subject to applicable regulatory
requirements. Open market purchases may be executed through a
pre-arranged repurchase plan that operates in accordance with the
guidelines specified under Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934,
as amended. The repurchase program does not obligate the
Company to acquire any particular number of shares and may be
suspended at any time at the Company's discretion.
About First US Bancshares, Inc.
First US Bancshares, Inc. is a bank holding company that
operates banking offices in Alabama, Tennessee and Virginia through First US Bank (the
"Bank"). The Company files periodic reports with the U.S.
Securities and Exchange Commission (the "SEC"). Copies of its
filings may be obtained through the SEC's website at www.sec.gov or
at www.firstusbank.com. More information about the Company
and the Bank may be obtained at www.firstusbank.com. The
Company's stock is traded on the Nasdaq Capital Market under the
symbol "FUSB."
Forward-Looking Statements
This press release contains forward-looking statements, as
defined by federal securities laws. Statements contained in this
press release that are not historical facts are forward-looking
statements. These statements may address issues that involve
significant risks, uncertainties, estimates and assumptions made by
management. The Company undertakes no obligation to update these
statements following the date of this press release, except as
required by law. In addition, the Company, through its senior
management, may make from time-to-time forward-looking public
statements concerning the matters described herein. Such
forward-looking statements are necessarily estimates reflecting the
best judgment of the Company's senior management based upon current
information and involve a number of risks and
uncertainties.
Certain factors that could affect the accuracy of such
forward-looking statements and cause actual results to differ
materially from those projected in such forward-looking statements
are identified in the public filings made by the Company with the
SEC, and forward-looking statements contained in this press release
or in other public statements of the Company or its senior
management should be considered in light of those factors. Such
factors may include risk related to the Company's credit, including
that if loan losses are greater than anticipated; the increased
lending risks associated with commercial real estate lending;
liquidity risks; the impact of national and local market conditions
on the Company's business and operations; the rate of growth (or
lack thereof) in the economy generally and in the Company's service
areas; strong competition in the banking industry; the impact of
changes in interest rates and monetary policy on the Company's
performance and financial condition; the impact of technological
changes in the banking and financial service industries and
potential information system failures; cybersecurity and data
privacy threats; the costs of complying with extensive governmental
regulation; the impact of changing accounting standards and tax
laws on the Company's allowance for credit losses and financial
results; the possibility that acquisitions may not produce
anticipated results and result in unforeseen integration
difficulties; and other risk factors described from time to time in
the Company's public filings, including, but not limited to, the
Company's most recent Annual Report on Form 10-K. Relative to the
Company's dividend policy, the payment of cash dividends is subject
to the discretion of the Board of Directors and will be determined
in light of then-current conditions, including the Company's
earnings, leverage, operations, financial conditions, capital
requirements and other factors deemed relevant by the Board of
Directors. In the future, the Board of Directors may change the
Company's dividend policy, including the frequency or amount of any
dividend, in light of then-existing conditions.
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Contact:
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Thomas S.
Elley
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(205)
582-1200
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SOURCE First US Bancshares, Inc.
