MetroCity Bankshares, Inc. announced on October 16, 2024, that its board of directors declared a quarterly cash dividend of $0.23 per share on its common stock. This dividend is payable on November 8, 2024, to shareholders of record as of October 30, 2024. The $0.23 per share represents a 15% increase from the previous quarterly dividend.
The company's board also approved the continuation of its share repurchase program, which had expired on September 30, 2024. This authorization allows MetroCity Bankshares to repurchase up to 925,250 shares of its outstanding common stock. This amount represents the remaining shares authorized from the prior repurchase plan.
The renewed share repurchase program is scheduled to begin on October 17, 2024, and will conclude on September 30, 2025. This initiative provides flexibility for the company to manage its capital structure and enhance shareholder value through open market or privately negotiated transactions.
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