Bar Harbor Bankshares Announces Stock Repurchase Plan
2019年3月22日 - 5:55AM
ビジネスワイヤ(英語)
Bar Harbor Bankshares (NYSE
American: BHB; the “Company”) announced that its Board of
Directors authorized a share repurchase plan (the “Plan”). Under
the terms of the Plan, the Company is authorized to repurchase up
to 5% of its outstanding common stock, representing approximately
776,000 shares as of March 15, 2019. The plan is authorized to last
no longer than twelve months.
President and Chief Executive Officer, Curtis C. Simard
commented, “The stock repurchase plan was authorized based on the
strength of the Company’s balance sheet and capital position, and
our belief in the intrinsic value of the Company’s common stock.
Given bank stock prices in the current market, we believe this
program allows us another tool to enhance long-term shareholder
value.”
Share repurchases, if any, will be made from time to time in the
open market, through block trades, or otherwise, in private
negotiated transactions. The timing and amount of any share
repurchases will depend on a variety of factors, including, among
others, securities law restrictions (including limitations provided
in Rules 10b-18 and 10b5-1 under the Securities Exchange Act of
1934), the trading price of the Company's common stock, other
regulatory requirements, potential alternative uses for capital,
and the Company's financial performance. The Plan does not require
the Company to acquire any particular amount of common stock, and
it may be modified or suspended at any time at the Company's
discretion.
BACKGROUNDBar Harbor Bankshares (NYSE American: BHB) is
the parent company of its wholly-owned subsidiary, Bar Harbor Bank
& Trust. Founded in 1887, Bar Harbor Bank & Trust is a true
community bank serving the financial needs of its clients for over
125 years. Bar Harbor provides full-service community banking with
office locations in all three Northern New England states of Maine,
New Hampshire and Vermont. For more information, visit www.bhbt.com.
FORWARD LOOKING STATEMENTSStatements in this press
release regarding the Company’s intention to repurchase shares of
its common stock from time to time under the stock repurchase plan
are forward looking statements. There are a number of important
factors that could cause actual events to differ materially from
those suggested or indicated by such forward-looking statements.
These include, among other, the market price of the Company’s stock
prevailing from time to time, the nature of other investment
opportunities available to the Company from time to time, the
Company’s cash flows from operations, general economic conditions,
and other factors identified in the Company’s most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20190321005761/en/
Josephine Iannelli; EVP, Chief Financial Officer &
Treasurer; (207) 288-3314
Bar Harbor Bankshares (AMEX:BHB)
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