Red River Bancshares Files 8-K: Material Agreement
Ticker: RRBI · Form: 8-K · Filed: Aug 8, 2024 · CIK: 1071236
| Field | Detail |
|---|---|
| Company | Red River Bancshares Inc (RRBI) |
| Form Type | 8-K |
| Filed Date | Aug 8, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $3.0 million, $5.0 million, $1.2 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, filing
Related Tickers: RRBI
TL;DR
RRBI filed an 8-K for a material agreement. Details TBD.
AI Summary
On August 8, 2024, Red River Bancshares, Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes other events and financial statements/exhibits, but specific details of the agreement, involved parties, or financial implications were not provided in the excerpt.
Why It Matters
This filing indicates a significant business development for Red River Bancshares, Inc., potentially impacting its operations, financial standing, or strategic direction.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could carry significant implications, but the lack of specific details makes the risk level uncertain.
Key Players & Entities
- Red River Bancshares, Inc. (company) — Registrant
- August 8, 2024 (date) — Date of Report
FAQ
What is the nature of the material definitive agreement filed by Red River Bancshares, Inc.?
The provided excerpt does not specify the nature of the material definitive agreement.
Who are the other parties involved in the material definitive agreement?
The excerpt does not mention the other parties involved in the agreement.
What is the effective date of the material definitive agreement?
The excerpt states the report date is August 8, 2024, and the date of the earliest event reported is also August 8, 2024, but does not specify the agreement's effective date.
Are there any financial terms or dollar amounts associated with the material definitive agreement?
The provided text does not include any financial terms or dollar amounts related to the agreement.
What other events are reported in this 8-K filing besides the material definitive agreement?
The filing indicates 'Other Events' and 'Financial Statements and Exhibits' are included, but the specific details of these are not elaborated in the excerpt.
Filing Stats: 878 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-08-08 16:35:34
Key Financial Figures
- $3.0 million — a total purchase price of approximately $3.0 million. The purchase price for the Common Stoc
- $5.0 million — lability under its previously announced $5.0 million repurchase program ("Repurchase Program
- $1.2 million — nt, the Company will have approximately $1.2 million of remaining capacity under the Repurch
Filing Documents
- rrbi-20240808.htm (8-K) — 30KB
- stockrepurchaseagtex101.htm (EX-10.1) — 63KB
- pressrelease_augustamendme.htm (EX-99.1) — 10KB
- rrbi1q20dividendpress_imag.gif (GRAPHIC) — 11KB
- 0001071236-24-000072.txt ( ) — 263KB
- rrbi-20240808.xsd (EX-101.SCH) — 2KB
- rrbi-20240808_lab.xml (EX-101.LAB) — 23KB
- rrbi-20240808_pre.xml (EX-101.PRE) — 13KB
- rrbi-20240808_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 8, 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 60,000 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 $3.0 million. The purchase price for the Common Stock reflects a discount to the 10-, 20-, and 30-day volume weighted average price on July 31, 2024. The Stock Repurchase Agreement contains customary representations and warranties, covenants, and closing conditions, and the transaction is expected to close on or before August 12, 2024. The Stockholders, whose beneficiaries are the children of former Company director John C. Simpson, have informed the Company that they are entering into the Stock Repurchase Agreement in order to diversify their investment portfolios for estate planning purposes. The Company's Board of Directors and the Nominating and Corporate Governance Committee of the Board of Directors approved the repurchase. Prior to the transaction, the Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03 and the John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03 directly and indirectly beneficially owned 314,739 and 321,407 shares of Common Stock, respectively, representing collectively 9.2% of the Company's issued and outstanding Common Stock. Immediately following the transaction, the Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03 and the John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03 will directly and indirectly beneficially own 284,739 and 291,407 shares of Common Stock, respectively, representing collectively 8.4% of the Company's issued and outstanding Common Stoc
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 8, 2024 RED RIVER BANCSHARES, INC. By: /s/ Julia E. Callis Julia E. Callis Senior Vice President, General Counsel, and Corporate Secretary