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Traditions Bancorp approves stock repurchase plan
Cris Collingwood//March 25, 2022
York-based Traditions Bancorp Inc.’s board of directors approved a stock repurchase plan of up to $3 million of its outstanding shares of common stock.
The parent company of Traditions Bank reported 2,840,484 shares outstanding Dec. 31, 2021.
“Based on our financial strength, current capital levels, and future growth expectations, we believe the stock repurchase plan is an appropriate deployment of our capital to maximize earnings per share and further enhance long-term shareholder value,” said Eugene J. Draganosky, president and CEO of Traditions Bancorp.
Traditions Bancorp may repurchase common stock from time to time in the open market, in privately negotiated transactions, or any trading plan that may be adopted in accordance with all applicable securities laws and regulations, including rule 10b5-1 of the Securities and Exchange Commission, the company said.
The timing and amount of share repurchases under the stock repurchase plan will be determined by management and will depend on a number of factors, including market conditions, Traditions Bancorp’s stock price performance, ongoing capital planning considerations, and applicable legal requirements.
There is no guarantee as to the exact number of or value of shares that will be repurchased, and the management of Traditions Bancorp may suspend or discontinue repurchases at any time, the company said.
D.A. Davidson & Co. has been selected as managing broker. For information concerning the share repurchase, contact may be made with Troy N. Carlson, SVP & Community Bank Professional at D.A. Davidson & Co., [email protected].
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