LYNNWOOD, WA / ACCESSWIRE / November 30, 2021 / U & I Financial Corp. (OTCQX:UNIF), the holding company for UniBank, today announced that its Board of Directors has authorized a stock repurchase program, starting December 1, 2021, under which the Company may repurchase up to $3.0 million of its outstanding common stock.
"We have built strong capital levels strategically for both organic growth and acquisitive purposes through years of solid performances. However, our value has not been properly reflected in the market," said Peter Park, President and CEO. He added that, "This is a great opportunity to provide additional value to our shareholders as we continue our growth initiatives."
Shares may be purchased in open market transactions, through block trades, in privately negotiated transactions, or by other trading plans as determined by the Company's management and in accordance with the Rule 10b5-1 of the Securities and Exchange Commission.
The repurchase program may be suspended, terminated, or modified at any time at the discretion of the Board of Directors without notice. The time of purchases and amount of share repurchase may be affected by variety factors including market conditions, price, trading volume and regulatory requirements.
About U & I Financial Corp.
UniBank, the wholly-owned subsidiary of U & I Financial Corp. (OTCQX:UNIF), is one of the highest performing banks in Washington state in terms of return on assets. Based in Lynnwood, Washington, the Bank was founded in 2006 to serve the small to medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. Customers can access their accounts in any of the 4 branches - Lynnwood, Bellevue, Federal Way and Tacoma - online, or through the Bank's ATM network.
For more information visit www.unibankusa.com or call (425) 275-9700.
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe U & I Financial Corp.'s projections, estimates, plans and expectations of future results and can be identified by words such as "believe," "intend," "estimate," "likely," "anticipate," "expect," "looking forward," and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; adverse changes in local, national and international economies; changes in the Federal Reserve's actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SBA's Paycheck Protection Program; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the ongoing uncertainties from COVID-19; the impact of technological advances; changes in tax laws; and other risk factors. U & I Financial Corp. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
U & I Financial Corp.
Simon Bai, 425-275-9704
SOURCE: U & I Financial Corp. (Washington)
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