UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 19, 2016
Investar Holding Corporation
(Exact name of registrant as specified in its charter)
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Louisiana |
001-36522 |
27-1560715 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
7244 Perkins Road
Baton Rouge, Louisiana 70808
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (225) 227-2222
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On October 19, 2016, Investar Holding Corporation issued a press release announcing that its Board of Directors had authorized an additional 250,000 shares of the Company’s common stock for repurchase by the Company under its share repurchase program. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit
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Description of Exhibit
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99.1 |
Press release of Investar Holding Corporation dated October 19, 2016. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INVESTAR HOLDING CORPORATION |
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Date: October 19, 2016 |
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By: |
/s/ John J. D’Angelo |
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John J. D’Angelo |
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President and Chief Executive Officer |
Exhibit 99.1
Investar Holding Corporation Announces Additional Authorization under
Share Repurchase Program
Baton Rouge, Louisiana, October 19, 2016 – Investar Holding Corporation (the “Company”) (NASDAQ:ISTR), the holding company for Investar Bank, today announced that the Board of Directors has approved another 250,000 shares of the Company’s common stock for repurchase under a stock repurchase program, in addition to 29,554 shares remaining under the current repurchase program. The additional shares authorized for repurchase represent approximately 3.5% of the Company’s outstanding common stock. Recent stock buyback activity includes 80,773 shares that were repurchased by the Company during the third quarter of 2016. The Company plans to repurchase its shares in open market transactions from time to time or through privately negotiated transactions in accordance with federal securities laws, at the Company’s discretion. The repurchase program, which has no expiration date, may be suspended or terminated at any time.
“We continue to believe that our stock is a good value, and stock buybacks are a tax-efficient way to continue to increase shareholder value and earnings per share,” stated John D’Angelo, President and CEO.
The timing and amount of any share repurchases will depend on a variety of factors, including the trading price of the Company’s common stock, securities laws and other regulatory restrictions, potential alternative uses for capital, and market and economic conditions. Repurchased shares will become treasury shares and may be reissued in connection with the Company’s stock incentive plans, other compensation programs, other transactions, or for other corporate purposes. The repurchase program does not obligate the Company to repurchase any shares and will remain in effect until fully utilized or until modified, suspended or terminated.
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Investar Holding Corporation (NASDAQ: ISTR), parent company of wholly-owned subsidiary Investar Bank, had total assets of approximately $1.1 billion as of June 30, 2016. Investar Bank is a full-service community bank headquartered in Baton Rouge, La. offering extensive banking products and services for individuals and businesses for 10 years. The Bank serves four markets in Southeast Louisiana with currently 10 branches: the Baton Rouge area (three branches in Baton Rouge, one in Denham Springs, one in Port Allen and one in Prairieville), Hammond, Lafayette and the New Orleans area (one in Metairie and one in Mandeville). Member FDIC. To learn more, visit www.InvestarBank.com .
For further information contact:
Investar Holding Corporation
Chris Hufft
Chief Financial Officer
(225) 227-2215
Chris.Hufft@investarbank.com