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NorthEast Community Bancorp, Inc. Announces Second Stock Repurchase Program
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank,
About this update from Northeast Community Bancorp, Inc.
[{"type":"text","content":" WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nNorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank, today announced that the Company’s Board of Directors has authorized a new stock repurchase program to acquire up to 1,509,218 shares, or 10%, of the Company’s currently issued and outstanding common stock.\n\n\nOn July 27, 2022, the Company announced its first stock repurchase program, which commenced on August 1, 2022 and authorized the purchase of up to 1,637,794 shares of the Company’s common stock. The Company has completed the first stock repurchase program at a cost of $22.8 million or $13.93 per share.\n\n\nThe new stock repurchase program permits shares to be repurchased in open market transactions or privately negotiated transactions, and pursuant to a trading plan that the Company intends to adopt in accordance with Rule 10b5-1 of the Securities and Exchange Commission.\n\n\nThe timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The stock repurchase program does not obligate the Company to purchase any particular number of shares and it may be extended, modified or discontinued at any time.\n\n\nAbout NorthEast Community Bancorp\n\n\nNorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.\n\n\nForward Looking Statement\n\n\nThis press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such a...