Green Dot announces share buyback program
AUSTIN, Texas–(BUSINESS WIRE)–Green Dot Corporation (NYSE: GDOT) today announced that its Board of Directors has approved a stock repurchase program with authority to purchase up to $100 million of common stock. The authorization is for an indefinite period.
“We are pleased to announce that our Board of Directors has authorized a $100 million share buyback and believe this is an attractive way to deploy excess capital and enhance shareholder value. said Dan Henry, CEO of Green Dot. “With strong cash flow and a strong balance sheet, we can execute on this program while continuing to invest in future growth opportunities.”
Green Dot may redeem shares from time to time through open market purchases, privately negotiated transactions, or other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The actual timing and amount of future redemptions depends on business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The share repurchase program does not obligate Green Dot to acquire any particular amount of common stock, and the program may be suspended or terminated at any time by Green Dot at its discretion and without notice.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, among other things, statements in quotes from its officers and other future events that involve risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements contained in this press release, and reported results should not be relied upon as an indication of future performance. Potential risks and uncertainties that could cause actual results to differ from those projected include, among others, the continued impact of the COVID-19 pandemic on Green Dot’s business, results of operations and financial condition. , the effectiveness of measures taken by Green Dot in response to the COVID-19 pandemic, the US government’s response to the COVID-19 pandemic, including with respect to stimulus funds and unemployment benefits, l changing consumer behavior towards electronic payments, the impact of the US presidential administration on, among other things, the regulation of financial institutions and corporate tax rates, inflationary pressures, the timing and impact of revenue growth activities, Green Dot’s dependence on revenue from Walmart, impact of competition, Green Dot’s dependence on distributors promotion of its products and services, demand for new and existing Green Dot products and services, continued and improved returns Green Dot’s investments in strategic initiatives, potential difficulties in integrating entity operations acquired and acquired technologies, Green Dot’s ability to operate in a highly regulated environment, including with respect to any restrictions imposed on its business, changes in existing laws or regulations affecting Green Dot’s operating methods or economics, Green Dot’s reliance on third-party vendors, changes in credit card association or other network rules or standards, changes in fees or products or card association and network interchange rates debit cards, cases of evolving fraud in the prepaid financial services industry that impact the use of ca prepaid debit cards generally, business interruptions or systems failures, and Green Dot’s involvement in litigation or investigations. These and other risks are discussed in greater detail in Green Dot’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Report on Form 10-Q, which are available on the Green Dot Investor Relations website at ir. greendot.com and on the SEC’s website at www.sec.gov. All information provided in this release and in the attachments is as of February 24, 2022, and Green Dot undertakes no obligation to update such information as a result of future events or developments.
About the green dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and registered banking holding company committed to empowering everyone to bank seamlessly, affordably and with confidence. Green Dot’s technology platform enables it to create products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible to all.
Green Dot offers a wide range of consumer and business financial services, including debit, check, credit, prepaid and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking services designed to help improve financial health over time. The Company’s Banking Platform Services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy personalized, transparent and customer-focused money management solutions. value for their customers.
Founded in 1999, Green Dot has served more than 33 million customers directly and several million more through its partners. The Green Dot network of over 90,000 retail outlets nationwide, more than all of the remaining US bank branches combined, allows it to operate primarily as a “branchless bank”. Green Dot Bank is a subsidiary of Green Dot Corporation and a member of the FDIC. For more information on Green Dot products and services, please visit http://www.greendot.com/