CORNELIUS, N.C., July 24, 2015 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc and Subsidiaries (“Aquesta”) (stock trading symbol: AQFH) announced today that its Board of Directors has approved a Stock Repurchase Plan. Pursuant to this plan, Aquesta’s Management is authorized to repurchase up to $500,000 of Aquesta Common Shares (trading symbol AQFH) on the open market.
Jim Engel stated, “Our stock is thinly traded and we do not believe it has received the recognition our consistent profitability and growth would seem to warrant. As a result, our Board believes it’s in the best interest of the company and shareholders to institute a stock repurchase plan. As Aquesta’s stock currently trades below book value, we believe limited repurchases will help improve the book value per share and earnings per share of remaining shareholders while also providing a boost to liquidity of shareholders who may be forced to sell due to personal reasons (e.g., deaths, divorces or economic hardship). We believe this is a win/win opportunity for our shareholders."
Aquesta’s focus is to help its customers grow and prosper – a belief in unlimited possibilities. Aquesta Bank has seven branches from Charlotte through Mooresville. Aquesta Insurance Services, Inc is an independent insurance agency with offices in Wilmington and at the Bank’s branch locations.
For additional information, please contact Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.
Information in this press release may contain forward-looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.