On October 3, 2024, Farmers & Merchants Bancorp executed a Stock Purchase Agreement to repurchase 37,990 shares of its common stock. This transaction amounted to $34.8 million and was conducted with the trust of one of the company's largest shareholders who passed away in January 2024.
This significant repurchase was made under the new $55.0 million share repurchase program authorized on September 10, 2024. Following this transaction, approximately $20.2 million remained authorized under the current share repurchase program, which is set to expire on December 31, 2026.
The repurchase of a substantial block of shares reduces the total number of outstanding shares, which can positively impact earnings per share for remaining shareholders. This action also demonstrates the company's commitment to capital management and providing liquidity for its shareholders.
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