Uwharrie Capital announces stock repurchase plan
Uwharrie Capital Corp (the “Company”) (OTCQX: UWHR), the holding company for Uwharrie Bank, has announced that its Board of Directors has approved a stock repurchase plan. Under the plan, the Company is authorized to repurchase up to $1 million of its common stock. The Company may repurchase shares on the open market or through privately negotiated transactions.
President and Chief Executive Officer Roger L. Dick stated, “Based on a recent independent valuation of our stock, trades do not reflect the value of our company. At current trading prices, it is in the best interest of our shareholders for us to repurchase outstanding shares.”
The repurchase plan does not require the Company to repurchase any specified amount of shares and it may be suspended, discontinued, or restarted at any time in the Company’s discretion.
Any shares acquired will be cancelled and become authorized but unissued shares, available for future issuance. The Company had 7,039,942 shares of common stock issued and outstanding as of March 30, 2021.