8-K
OHIO VALLEY BANC CORP (OVBC)
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): August 18, 2022
OHIO VALLEY BANC CORP.
(Exact Name of Registrant as Specified in Its Charter)
000-20914
(Commission File Number)
| Ohio | 31-1359191 |
|---|---|
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
420 THIRD AVENUE, PO BOX 240
GALLIPOLIS, Ohio 45631
(Address of principal executive offices, including zip code)
(740) 446-2631
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Shares, without par value | OVBC | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD<br> Disclosure. |
|---|
The Board of Directors of Ohio Valley Banc Corp. (“OVBC”) has extended the expiration date of its existing share repurchase program to August 31, 2023. The repurchase program was originally approved by the Board in 2021 and was set to expire on August 31, 2022. The share repurchase program authorizes the repurchase of up to $5,000,000 in shares of the Company’s outstanding common stock. As of August 17, 2022, the Company had repurchased approximately $954,000 in common stock. Other than the extension of the program for an additional year, no changes were made to the stock buyback program. The program may be terminated or amended by the Board at any time prior to the expiration date.
A copy of a press release issued to announce the extension of the repurchase program is attached hereto as an exhibit and incorporated herein by reference.
| Item 9.01 Financial Statements and Exhibits |
|---|
(d) Exhibits – The following exhibit is being filed with this Current Report on Form 8-K:
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release issued on August 18, 2022. |
SIGNATURES
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 thereunto duly authorized.
| OHIO VALLEY BANC CORP. | |||
|---|---|---|---|
| Date: | August 18, 2022 | By: | /s/Larry E. Miller II |
| Larry E. Miller II<br><br> <br>President and Chief Executive Officer |
EXHIBIT INDEX
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release issued on August 18, 2022. |
EXHIBIT 99.1
August 18, 2022 - For immediate release
Contact: Scott Shockey, CFO 740-446-2631
OVBC announces extension of Stock Buyback Program
GALLIPOLIS, Ohio—Ohio Valley Banc Corp. [Nasdaq: OVBC] (the “Company”) announced the Board of Directors has authorized the extension date of its existing stock buyback program to August 31, 2023.
The program was originally approved by the board in 2021 and was set to expire August 31 of this year. With the extension, the share repurchase program will continue to authorize the repurchase of up to $5 million in shares of the Company’s outstanding common stock.
Other than the extension of the program for an additional year, no changes were made to the stock buyback program.
As of August 17, 2022, the Company had repurchased approximately $954,000 in common stock. The program may be terminated or amended by the Board at any time prior to the expiration date.
About Ohio Valley Banc Corp.
Ohio Valley Banc Corp. common stock is traded on the NASDAQ Global Market under the symbol OVBC. Ohio Valley Banc Corp. is based in Gallipolis, Ohio. The company owns The Ohio Valley Bank Company, with 16 offices in Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio. The Ohio Valley Bank Company opened a new online consumer direct mortgage company in the fall of 2021 called Race Day Mortgage. Learn more about Ohio Valley Banc Corp. at www.ovbc.com.