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Princeton Bancorp, Inc. (the "Company") (NASDAQ: BPRN), the bank holding company for The Bank of Princeton (the "Bank"), announced that its Board of Directors has adopted a new stock repurchase program. Under the 2023 stock repurchase program, management is authorized to repurchase up to 5% of the Company's outstanding shares of common stock, with a total cost not to exceed $10.7 million. As of today, five percent of the Company's outstanding shares of common stock would be approximately 314,000 shares. Further, under the program the Company cannot purchase any shares unless the per share purchase price is less than the Company's tangible book value per share. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice.
Under the stock repurchase program, the Company may repurchase shares of common stock from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act"), and applicable legal requirements. The timing, volume and nature of such purchases will be determined at the sole discretion of the Company's management at prices the Company considers attractive and in the best interests of the Company, subject to the availability of stock, general market conditions, trading price, alternate uses for capital, the Company's financial performance, and applicable securities laws. No assurance can be given that any particular amount of common stock will be repurchased. All or some portion of the repurchases will be made pursuant to trading plans under Rule 10b5-1 under the Exchange Act, which will permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. This repurchase program may be modified, extended or terminated by the Board of Directors at any time.
Posted In: BPRN
