A local bank with locations in Floyd and Gordon County announced its board of directors has authorized a program in which Greater Community Bank seeks to repurchase $650,000 of its common stock.
According to a press release, Greater Community Bancshares, Inc., the holding company for Greater Community Bank, may purchase shares of its common stock from shareholders of two shares or less at a purchase price of $18,000 per share.
“The board’s decision to repurchase stock was based on the strength of the Company’s balance sheet and capital position,” said David J. Lance, president and CEO. “This repurchase program demonstrates the board’s confidence in our future and our commitment to delivering value to all of our stakeholders.”
According to the release the stock repurchase program will begin May 16 and go through July 16 and may be modified, suspended or terminated at any time by the board of directors.
Greater Community Bancshares, Inc. had approximately 995 shares of common stock outstanding as of March 31.