NorthEast Community Bancorp, Inc. announced a third stock repurchase program to acquire up to 1,400,435 shares of its common stock.
The new program follows a previously successful repurchase program where 1,091,174 shares were repurchased at an average cost of $15.78 per share under the second program.
Shares may be repurchased in open market or privately negotiated transactions, and under a trading plan complying with Rule 10b5-1 of the SEC.
Third Stock Repurchase Program
Authorized to repurchase up to 1,400,435 shares, representing 10% of the currently issued common stock.
Previous Program Success
Under the previous program, 1,091,174 shares were repurchased at an average cost of $15.78 per share before its expiration.
Flexible Repurchase Options
Shares can be repurchased through open market or private transactions and pursuant to a trading plan complying with SEC regulations.
- The decision to initiate a third stock repurchase program reflects the company's commitment to returning value to shareholders.
- The flexibility in repurchasing shares suggests confidence in the company's financial position and future prospects.
NorthEast Community Bancorp's announcement of a third stock repurchase program highlights its focus on shareholder value and strategic capital management.