Farmers & Merchants Bancorp announced on September 10, 2024, the cancellation of its previously authorized $25.0 million share repurchase program. This program, initially approved in November 2023, was superseded by a new, larger initiative.
Concurrently, the company's Board of Directors authorized a new share repurchase program totaling $55.0 million. This new program reflects a significant increase in the capital allocated for share repurchases, demonstrating a robust commitment to enhancing shareholder value.
The authorization of a larger repurchase program provides the company with increased flexibility to manage its capital structure and reduce the number of outstanding shares. This move is a direct signal of management's confidence in the company's intrinsic value and its ability to generate sufficient capital to support such initiatives.
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