NorthEast Community Bancorp, Inc. Announces Second Stock Repurchase Program
30 Maggio 2023 - 3:00PM
Business Wire
NorthEast 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.
On 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.
The 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.
The 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.
About NorthEast Community Bancorp
NorthEast 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.
Forward Looking Statement
This 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 as “will,” “would,”
“should,” “could,” or “may.” 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, but are not limited to, changes in market interest
rates, regional and national economic conditions (including higher
inflation and its impact on regional and national economic
conditions), legislative and regulatory changes, monetary and
fiscal policies of the United States government, including policies
of the United States Treasury and the Federal Reserve Board, the
quality and composition of the loan or investment portfolios,
demand for loan products, deposit flows and our ability to
effectively manage liquidity, competition, demand for financial
services in NorthEast Community Bank’s market area, changes in the
real estate market values in NorthEast Community Bank’s market area
and changes in relevant accounting principles and guidelines.
Additionally, other risks and uncertainties may be described in our
annual and quarterly reports filed with the U.S. Securities and
Exchange Commission (the “SEC”), which are available through the
SEC’s website located at www.sec.gov. These risks and uncertainties
should be considered in evaluating any forward-looking statements
and undue reliance should not be placed on such statements. Except
as required by applicable law or regulation, the Company does not
undertake, and specifically disclaims any obligation, to release
publicly the result of any revisions that may be made to any
forward-looking statements to reflect events or circumstances after
the date of the statements or to reflect the occurrence of
anticipated or unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230530005111/en/
Kenneth A. Martinek Chairman and Chief Executive Officer PHONE:
(914) 684-2500
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