Guaranty Bank board approves stock repurchase plan

The Guaranty Federal Bancshares Inc. (Nasdaq: GFED) Board of Directors authorized a new stock repurchase plan.

Under the plan, the Guaranty Bank operator may buy back up to 250,000 of its outstanding shares through Dec. 31, 2022. The amount of shares equals about 6% of Guaranty’s outstanding stock, according to a news release.

At Friday’s closing price of $23.58 per share, the stock repurchase plan equates to an investment of roughly $6 million. GFED’s 52-week range is $21.89 to $26.93 per share.

Guaranty Bank recently reported 2019 earnings rose 28% to $9.4 million. Last year, the company bought back more than 150,000 shares at an investment of $3.6 million, according to past reporting.