Business
The Bank of Princeton Announces Stock Repurchase Program
PRINCETON, N.J., March 9, 2021 /PRNewswire/ -- The Board of Directors of The Bank of Princeton (the "Bank") (NASDAQ: BPRN) today announced that it has
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":" PRINCETON, N.J., March 9, 2021 /PRNewswire/ -- The Board of Directors of The Bank of Princeton (the \"Bank\") (NASDAQ: BPRN) today announced that it has adopted a stock repurchase program to commence on the later of April 1, 2021 or the date approval of such program is received from the New Jersey Department of Banking and Insurance. Under the 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 $10.4 million. As of today, the Bank had 6,795,779 shares of common stock outstanding and five percent of such amount would be 339,788 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. This program has been approved by the FDIC. \n\n \n \n \n \n \n \n\n \nPresident/CEO Edward Dietzler stated that, \"With our current stock price trading below our book value per share, our planned stock repurchase program reflects our Board's efforts to maximize shareholder value by enhancing future periods' earnings-per-share and return-on-equity without any dilution.\" Chairman Richard Gillespie added, \"We are hopeful that the benefits from our stock repurchase plan will increase the liquidity of the Bank's common stock, which will benefit all of our shareholders. In addition, after giving effect to this repurchase, the Bank will remain well capitalized, which was an essential requirement for us to move forward with this plan.\"\nUnder the stock repurchase program, 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. N...