Byline Bancorp, Inc. announced on December 5, 2024, that its Board of Directors approved a new stock repurchase program. This program authorizes the company to repurchase up to 1.25 million shares of its outstanding common stock. This quantity represents approximately 2.8% of the company's currently outstanding common stock.
The new repurchase program is scheduled to become effective on January 1, 2025, and will remain in effect until December 31, 2025. This initiative provides the company with flexibility to manage its capital structure and enhance shareholder returns over the coming year.
Such a program demonstrates management's belief that the company's stock is undervalued or that it has excess capital to deploy. It can also serve to offset potential dilution from equity compensation plans, reinforcing the company's financial discipline.
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