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Marlin Authorizes $10 Million Stock Repurchase Program

May 31, 2017, 06:12 AM
Filed Under: Industry News

Marlin Business Services Corp. announced that its Board of Directors has authorized a stock repurchase program of up to $10 million of its outstanding shares of common stock, replacing the stock repurchase program announced in July 2014. The manner, timing and amount of any purchase will be based on an evaluation of market conditions, stock price and other factors.

“Marlin is committed to maximizing shareholder value, and we feel the share repurchase authorization is a positive step towards this goal,” said Jeffrey A. Hilzinger, Marlin’s President and CEO. “We believe the current share price is not indicative of the Company’s long-term intrinsic value, and this action underscores our confidence in our business prospects.  Given our strong balance sheet and operating momentum, we believe this share repurchase program is both a timely and appropriate use of the Company’s capital resources.”

The repurchase may be made on the open market, in block trades, through privately negotiated transactions or plans, pursuant to instructions or contracts established under Rule 10b5-1 under the Securities Exchange Act of 1934, or otherwise in accordance with applicable laws, rules and regulations. No time limit has been set for the completion of the program. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended at any time at the Company's discretion. The stock repurchase will be funded using the Company's working capital. Any shares purchased under this program will be returned to the status of authorized but unissued shares of common stock.

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