{"id":401417,"date":"2020-12-16T17:54:09","date_gmt":"2020-12-16T22:54:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401417"},"modified":"2020-12-16T17:54:09","modified_gmt":"2020-12-16T22:54:09","slug":"first-us-bancshares-inc-announces-extension-of-share-repurchase-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/first-us-bancshares-inc-announces-extension-of-share-repurchase-program\/","title":{"rendered":"First US Bancshares, Inc. Announces Extension of Share Repurchase Program"},"content":{"rendered":"<div class=\"mw_release\">\n<p>BIRMINGHAM, Ala., Dec.  16, 2020  (GLOBE NEWSWIRE) &#8212;  First US Bancshares, Inc. (Nasdaq: FUSB) (the \u201cCompany\u201d), a Delaware corporation based in Birmingham, Alabama, announced today that its Board of Directors has extended the Company\u2019s existing share repurchase program, pursuant to which the Company is authorized to repurchase up to 642,785 shares of its common stock.\u00a0 The repurchase program, which was originally approved by the Company\u2019s Board of Directors on January 19, 2006, has been extended to expire on December 31, 2021.\u00a0 To date, the Company has repurchased 587,824 shares of common stock under the repurchase program, leaving 54,961 shares that may still be repurchased under the repurchase program.\u00a0 The Company most recently repurchased shares pursuant to the share repurchase program during the first quarter of 2020.<\/p>\n<p align=\"justify\">Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate, subject to applicable regulatory requirements.\u00a0 Open market purchases may be executed through a pre-arranged repurchase plan that operates in accordance with the guidelines specified under Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended.\u00a0 The repurchase program does not obligate the Company to acquire any particular number of shares and may be suspended at any time at the Company\u2019s discretion.<\/p>\n<p align=\"justify\">\n        <strong>About First US Bancshares, Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">First US Bancshares, Inc. is a bank holding company that operates banking offices in Alabama, Tennessee and Virginia through First US Bank (the \u201cBank\u201d).\u00a0 In addition, the Company\u2019s operations include Acceptance Loan Company, Inc., a consumer loan company (\u201cALC\u201d), and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the Bank\u2019s and ALC\u2019s consumer loan customers.\u00a0 The Company files periodic reports with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d).\u00a0 Copies of its filings may be obtained through the SEC\u2019s website at www.sec.gov or at www.firstusbank.com.\u00a0 More information about the Company and the Bank may be obtained at www.firstusbank.com.\u00a0 The Company\u2019s stock is traded on the Nasdaq Capital Market under the symbol \u201cFUSB.\u201d<\/p>\n<p align=\"left\">\n        <strong><br \/>\n          <em>Forward-Looking Statements<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. The Company undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, the Company, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of the Company\u2019s senior management based upon current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by the Company with the SEC, and forward-looking statements contained in this press release or in other public statements of the Company or its senior management should be considered in light of those factors. Specifically, with respect to statements relating to the sufficiency of the allowance for loan and lease losses, loan demand, cash flows, interest costs, growth and earnings potential, expansion and the Company\u2019s positioning to handle the challenges presented by COVID-19, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy generally and in the Bank\u2019s and ALC\u2019s service areas; market conditions and investment returns; changes in interest rates; the impact of the current COVID-19 pandemic on the Company\u2019s business, the Company\u2019s customers, the communities that the Company serves and the United States economy, including the impact of actions taken by governmental authorities to try to contain the virus or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security Act and subsequent federal legislation) and the resulting effect on the Company\u2019s operations, liquidity and capital position and on the financial condition of the Company\u2019s borrowers and other customers; the pending discontinuation of LIBOR as an interest rate benchmark; the availability of quality loans in the Bank\u2019s and ALC\u2019s service areas; the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets; collateral values; cybersecurity threats; and risks related to the Paycheck Protection Program. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.<\/em>\n      <\/p>\n<p align=\"justify\">\n        \n      <\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzY2MCMzODg1NjIyIzIwNDk4NzQ=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/56ad618a-2a11-478a-a400-d5ed3dfd717e\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Contact:    Thomas S. Elley\r\n            205-582-1200<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BIRMINGHAM, Ala., Dec. 16, 2020 (GLOBE NEWSWIRE) &#8212; First US Bancshares, Inc. (Nasdaq: FUSB) (the \u201cCompany\u201d), a Delaware corporation based in Birmingham, Alabama, announced today that its Board of Directors has extended the Company\u2019s existing share repurchase program, pursuant to which the Company is authorized to repurchase up to 642,785 shares of its common stock.\u00a0 The repurchase program, which was originally approved by the Company\u2019s Board of Directors on January 19, 2006, has been extended to expire on December 31, 2021.\u00a0 To date, the Company has repurchased 587,824 shares of common stock under the repurchase program, leaving 54,961 shares that may still be repurchased under the repurchase program.\u00a0 The Company most recently repurchased shares pursuant to the share repurchase program &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-us-bancshares-inc-announces-extension-of-share-repurchase-program\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;First US Bancshares, Inc. Announces Extension of Share Repurchase Program&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401417","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First US Bancshares, Inc. Announces Extension of Share Repurchase Program - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/first-us-bancshares-inc-announces-extension-of-share-repurchase-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First US Bancshares, Inc. Announces Extension of Share Repurchase Program - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BIRMINGHAM, Ala., Dec. 16, 2020 (GLOBE NEWSWIRE) &#8212; First US Bancshares, Inc. (Nasdaq: FUSB) (the \u201cCompany\u201d), a Delaware corporation based in Birmingham, Alabama, announced today that its Board of Directors has extended the Company\u2019s existing share repurchase program, pursuant to which the Company is authorized to repurchase up to 642,785 shares of its common stock.\u00a0 The repurchase program, which was originally approved by the Company\u2019s Board of Directors on January 19, 2006, has been extended to expire on December 31, 2021.\u00a0 To date, the Company has repurchased 587,824 shares of common stock under the repurchase program, leaving 54,961 shares that may still be repurchased under the repurchase program.\u00a0 The Company most recently repurchased shares pursuant to the share repurchase program &hellip; Continue reading &quot;First US Bancshares, Inc. 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