Isabella Bank Corporation announced that its Board of Directors approved an increase to its share repurchase program by an additional 500,000 shares. This resolution raises the total authorization available under the program to 538,448 shares. The company has a history of share repurchases, having bought back 2,554,126 shares under its program since 2007.
The expanded authorization does not have an expiration date, providing flexibility for future repurchases. Stock repurchases will be made periodically based on factors such as share price, market conditions, and share availability. This move demonstrates the company's commitment to managing its capital effectively and enhancing shareholder value.
The decision to increase the repurchase program reflects the Board's confidence in the company's financial strength and its long-term prospects. By reducing the number of outstanding shares, the program can contribute to improved earnings per share and other per-share metrics, benefiting existing shareholders.
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