RRBI repurchases 200,000 shares for $10M from trusts of former director's children

RED RIVER BANCSHARES INC

Purchased 200,000 shares at $50.00 per share, a discount to the 60-day VWAP as of March 5, 2024.
Total purchase price of $10.0 million; transaction expected to close on or before March 15, 2024.
Sellers are the Angela Katherine Simpson and John Charles Simpson Jr. irrevocable trusts, beneficiaries are children of former director John C. Simpson.
Trusts' collective ownership will drop from 11.8% to 9.2% of outstanding common stock.
Repurchase is separate from the existing $5.0M buyback program; $5.0M remains available under that program.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RED RIVER BANCSHARES INC entered into Stock Repurchase Agreement with Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03 and John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03 valued at 200,000 shares of common stock for $10,000,000 (approximately $50.00 per share) (effective 2024-03-13).

Action: entry
Agreement: equity purchase
Counterparty: Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03 and John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03
Value: 200,000 shares of common stock for $10,000,000 (approximately $50.00 per share)
Effective: 2024-03-13

Exact text from the filing

On March 13, 2024, Red River Bancshares, Inc. (the “Company”) entered into a stock repurchase agreement (the “Stock Repurchase Agreement”) with the Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03 and the John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03 (the “Stockholders”) for the purchase by the Company of 200,000 shares of the Company’s common stock, no par value per share (the “Common Stock”) from the Stockholders in a privately-negotiated transaction for a total purchase price of approximately $10.0 million.

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Source: SEC EDGAR

accession 0001071236-24-000020

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