Absecon Bancorp Announces Share Repurchase Plan

ABSECON, N.J., June 07, 2023 (GLOBE NEWSWIRE) -- Absecon Bancorp (the “Company”) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County, New Jersey based community bank, announced today that its Board of Directors authorized a 2023 share repurchase plan. Under the terms of the 2023 share repurchase plan, the Company is authorized to buy back up to 10,000 shares, representing approximately 9.1% of its 110,312 issued and outstanding shares of common stock.

The Company intends to accomplish the share repurchases through open market transactions or in privately negotiated transactions, subject to the availability of the shares, market conditions, the trading price of the shares and the Company's financial performance.  The repurchased shares will be utilized for general corporate purposes or retired. The 2023 share repurchase plan does not obligate the Company to acquire any particular number of shares of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to appoint Keefe, Bruyette & Woods, Inc. as its independent repurchasing agent to repurchase shares of its common stock on its behalf.

The Company’s March 31, 2023 financial statements (unaudited) reported consolidated net income of $332,103 and total consolidated assets of $186.5 million. The net income consisted of undistributed bank income of $332,103, which was derived from its wholly owned bank subsidiary, First National Bank of Absecon. More detailed information on the March 31, 2023 financial statements of First National Bank of Absecon can be found in its March 31, 2023 Call Report available at www.fdic.gov.

Contact: Eric Gaupp, President and Chief Executive Officer

106 New Jersey Avenue
PO Box 324
Absecon, NJ 08201
Office: 609-641-6300

email: egaupp@FNBAbsecon.com

This release may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. Absecon Bancorp does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.