Surrey Bancorp announces stock repurchase program


Staff Report



MOUNT AIRY — Surrey Bancorp (Pink Sheets: SRYB) (the “Company”) announced that the company’s Board of Directors has authorized the repurchase of up to the lesser of $550,000 in aggregate purchase price and 50,000 shares of the Company’s common stock, representing less than 2 percent of the Company’s shares outstanding as of Dec. 31, 2016. The shares may be purchased in the open market at prevailing market prices or by other means in accordance with federal securities laws, from time to time depending upon market conditions and other factors. Transactions in the company’s stock are reported in the Pink Sheets under the symbol “SRYB.”

There is no guarantee as to the number of shares that will be repurchased, and the stock repurchase program may be extended, suspended, or discontinued at any time without notice at the company’s discretion.

Surrey Bancorp is the holding company of Surrey Bank & Trust. The bank operates full service branch offices at 145 N. Renfro St., 1280 W. Pine St., and 2050 Rockford St. in Mount Airy. Full-service branch offices are also located at 653 S. Key St. in Pilot Mountain, North Carolina, 393 CC Camp Road in Elkin, and 940 Woodland Drive in Stuart, Virginia. The bank has a loan production office at 717 Main St. in North Wilkesboro.

Surrey Bank & Trust is engaged in the sale of insurance and provides full-service brokerage and investment services through its wholly owned subsidiary Surrey Investment Services, Inc. The insurance division, dba SB&T Insurance, is located at 199 N. Renfro St. in Mount Airy. The brokerage division, which operates through an association with LPL Financial, is located at 145 N. Renfro St. in Mount Airy.

Disclosures About Forward-Looking Statements

The discussions included in this document may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially.

For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be “forward-looking statements.” Such statements are often characterized by the use of qualifying words such as “expects,” “anticipates,” “believes,” “estimates,” “plans,” “projects,” or other statements concerning opinions or judgments of the company and its management about future events. The accuracy of such forward looking statements could be affected by factors including, but not limited to, the financial success or changing conditions or strategies of the company’s customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general economic conditions. These forward looking statements express management’s current expectations, plans or forecasts of future events, results and condition, including financial and other estimates. The company undertakes no obligation to revise or update these statements following the date of this press release.

Staff Report

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