United Bancshares to begin stock buyback
COLUMBUS GROVE, Ohio — United Bancshares Inc., the parent company of Union Bank, on Thursday announced that it has authorized the repurchase of 97,942 shares of its stock over an unspecified period of time.
“We continue to proactively manage the company’s capital position. We believe a stock repurchase program is consistent with our capital management strategy and is an efficient tool to enhance long-term shareholder value,” Brian Young, company president and chief executive officer said in a statement.
As of Sept. 30, United Bancshares, which is headquartered in Columbus Grove but operates Union Bank branches in Allen, Hancock, Putnam, Sandusky, Van Wert, and Wood Counties, had 3,447,051 shares of outstanding stock.
On Friday the company’s shares, which are traded on the Nasdaq market, closed at $13.75, down 25 cents. Its shares are lightly traded with average trading volume at just 4,498 shares.