Mid-Southern Bancorp, Inc. Announces Expansion of Its Stock Repurchase Program
25 Maggio 2022 - 10:05PM
Mid-Southern Bancorp, Inc. (NASDAQ - MSVB) (“Company”), the holding
company for Mid-Southern Savings Bank, FSB (“Bank”), announced
today that the Company’s Board of Directors has expanded the number
of shares eligible for repurchase under its previously adopted
stock repurchase program. Under the expanded repurchase program,
the Company may repurchase an additional 142,000 shares of its
common stock, or approximately 5% of the current outstanding
shares.
The Company repurchased 277,352 shares of
its outstanding common stock at an average price of $14.08 per
share under the stock repurchase plan it adopted on August 26, 2020
and amended on November 17, 2021. Under the program as
amended, there are currently 34,648 shares remaining to be
purchased. With the expansion, there are a total of
176,648 shares remaining to be purchased as approved by the
Board of Directors.
Repurchases will be made at management's
discretion at prices management considers to be attractive and in
the best interests of both the Company and its stockholders,
subject to the availability of stock, general market conditions,
alternative uses for capital, and the Company's financial
performance. Open market purchases will be conducted in accordance
with the SEC’s Rule 10b-18 and other applicable legal
requirements.
The repurchase program may be suspended,
terminated or modified at any time for any reason, including market
conditions, the cost of repurchasing shares, the availability of
alternative investment opportunities, liquidity, and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. There is no guarantee as to the exact
number of shares that will be repurchased by the Company.
About Mid-Southern Bancorp,
Inc.
Mid-Southern Savings Bank, FSB is a federally
chartered savings bank headquartered in Salem, Indiana,
approximately 40 miles northwest of Louisville, Kentucky. The
Bank conducts business from its main office in Salem and through
its branch offices located in Mitchell and Orleans, Indiana and
loan production offices located in New Albany, Indiana and
Louisville, Kentucky.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements
may be identified by reference to a future period or periods, or by
the use of forward-looking terminology, such as “estimate,”
“project,” “believe,” “intend,” “anticipate,” “plan,” “seek,”
“expect,” “will,” “may,” “continue,” or similar terms or variations
on those terms, or the negative of those terms. Forward-looking
statements, by their nature, are subject to risks and
uncertainties. Certain factors that could cause actual results to
differ materially from expected results include the effect of the
COVID-19 pandemic, including on the Company’s credit quality and
business operations, as well as its impact on general economic and
financial market conditions and other uncertainties resulting from
the COVID-19 pandemic, such as the extent and duration of the
impact on public health, the U.S. and global economies, and
consumer and corporate customers, including economic activity,
employment levels and market liquidity; increased competitive
pressures; changes in the interest rate environment; general
economic conditions or conditions within the securities markets;
and legislative and regulatory changes affecting financial
institutions, including regulatory compliance costs and capital
requirements that could adversely affect the business in which the
Company and the Bank are engaged; and other factors described in
the Company’s latest Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q and other filings with the Securities and
Exchange Commission that are available on our website at
mid-southern.com and on the SEC’s website at www.sec.gov.
The factors listed above could materially affect
the Company’s financial performance and could cause the Company’s
actual results for future periods to differ materially from any
opinions or statements expressed with respect to future periods in
any current statements.
Except as required by applicable law, the
Company does not undertake and specifically declines any obligation
to publicly release the result of any revisions which may be made
to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events. When considering
forward-looking statements, you should keep in mind these risks and
uncertainties. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date
made.
Contact:Alexander G.
Babey, President and Chief Executive OfficerRobert
W. DeRossett, Chief Financial OfficerMid-Southern
Bancorp, Inc.812-883-2639
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