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The Bank of Princeton Announces $0.25 First Quarter Cash Dividend and New Stock Repurchase Program
PRINCETON, N.J., Jan. 26, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) announced that its Board of Directors, at a meeting held on
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., Jan. 26, 2022 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) announced that its Board of Directors, at a meeting held on January 26, 2022, declared a cash dividend of $0.25 per share of the common stock of the Bank, an increase of 39% over the prior quarter's dividend. This dividend will be paid on February 28, 2022 to shareholders of record at the close of business on February 11, 2022. \"This increased dividend reflects the Board of Director's commitment to provide an appropriate return to our shareholders,\" stated Edward Dietzler, President and CEO.\n\n \n \n \n \n \n \n\n \nThe Bank's Board of Directors also announced that it has adopted a new stock repurchase program to commence on the date approval of such program is received from the FDIC and the New Jersey Department of Banking and Insurance. The Bank expects to receive such approvals during the first quarter of 2022. Under the 2022 stock repurchase program, management is authorized to repurchase up to 5% of the Bank's outstanding shares of common stock, with a total cost not to exceed $10.3 million. As of today, five percent of the Bank's outstanding shares of common stock would be 324,017 shares. The stock repurchase program does not obligate the Bank to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice.\nUnder the stock repurchase program, once regulatory approval is received, the Bank 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 Bank's management at prices the Bank considers attractive and in the best interests of the Bank, subject to the availability of stock, general market conditions, trading price, alternate uses for capital, the Bank'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...