DALLAS--(BUSINESS WIRE)--
Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”) today announced the
approval of a stock repurchase program, authorizing Hilltop to
repurchase in the aggregate up to $50 million of its outstanding common
stock.
Under the program authorized, Hilltop may repurchase shares in
open-market purchases or through privately negotiated transactions as
permitted under Rule 10b-18 promulgated under the Securities Exchange
Act of 1934. The extent to which Hilltop repurchases its shares and the
timing of such repurchases will depend upon market conditions and other
corporate considerations, as determined by Hilltop’s management team.
The purchases will be funded from available cash balances.
About Hilltop
Hilltop Holdings is a Dallas-based financial holding company. Through
its wholly owned subsidiary, PlainsCapital Corporation, a regional
commercial banking franchise, it has two operating subsidiaries:
PlainsCapital Bank and PrimeLending. Through its wholly owned
subsidiaries, Hilltop Securities Inc. and Hilltop Securities Independent
Network Inc., it provides a full complement of securities brokerage,
institutional and investment banking services in addition to clearing
services and retail financial advisory. Through Hilltop Holdings’ other
wholly owned subsidiary, National Lloyds Corporation, it provides
property and casualty insurance through two insurance companies,
National Lloyds Insurance Company and American Summit Insurance Company.
At March 31, 2016, Hilltop employed approximately 5,300 people and
operated approximately 400 locations in 44 states. Hilltop Holdings'
common stock is listed on the New York Stock Exchange under the symbol
"HTH." Find more information at Hilltop-Holdings.com, PlainsCapital.com,
PrimeLending.com, Nationallloydsinsurance.com and Hilltopsecurities.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any future
results, performance or achievements anticipated in such statements.
Forward-looking statements speak only as of the date they are made and,
except as required by law, we do not assume any duty to update
forward-looking statements. Such forward-looking statements include, but
are not limited to, statements about the future financial and operating
results, Hilltop’s plans, objectives, expectations and intentions and
other statements that are not historical facts, including statements
related to the authorized stock repurchase program. The following
factors, among others, could cause actual results to differ from those
set forth in the forward-looking statements: (i) risks associated with
merger and acquisition integration, including our ability to promptly
and effectively integrate our businesses with those acquired in the SWS
transaction and achieve the anticipated synergies and cost savings in
connection therewith, as well as the diversion of management time on
acquisition- and integration-related issues; (ii) our ability to
estimate loan losses; (iii) changes in the default rate of our loans;
(iv) changes in general economic, market and business conditions in
areas or markets where we compete, including changes in the price of
crude oil; (v) risks associated with concentration in real estate
related loans; (vi) severe catastrophic events in Texas and other areas
of the southern United States; (vii) changes in the interest rate
environment; (viii) cost and availability of capital; (vix)
effectiveness of our data security controls in the face of cyber
attacks; (x) changes in state and federal laws, regulations or policies
affecting one or more of the our business segments, including changes in
regulatory fees, deposit insurance premiums, capital requirements and
the Dodd-Frank Wall Street Reform and Consumer Protection Act; (xi)
approval of new, or changes in, accounting policies and practices; (xii)
changes in key management; (xiii) competition in our banking,
broker-dealer, mortgage origination and insurance segments from other
banks and financial institutions, as well as investment banking and
financial advisory firms, mortgage bankers, asset-based non-bank
lenders, government agencies and insurance companies; (xiv) our ability
to obtain reimbursements for losses on acquired loans under loss-share
agreements with the FDIC to the extent the FDIC determines that we did
not adequately manage the covered loan portfolio; (xv) failure of our
insurance segment reinsurers to pay obligations under reinsurance
contracts; and (xvi) our ability to use excess cash in an effective
manner, including the execution of successful acquisitions. For further
discussion of such factors, see the risk factors described in the
Hilltop Annual Report on Form 10-K for the year ended December 31, 2015
and other reports filed with the Securities and Exchange Commission. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160613005356/en/
Hilltop Holdings Inc.
Isabell Novakov, 214-252-4029
inovakov@plainscapital.com
Source: Hilltop Holdings Inc.