Katahdin Bankshares Announces Stock Buyback Program

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Katahdin Bankshares Corp. (KTHN) announces Stock Buyback Program with up to $2,000,000 of the Company's outstanding shares of Common Stock authorized for repurchase through December 31, 2024.

HOULTON, Maine, Jan. 5, 2024 /PRNewswire/ -- Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of Katahdin Trust Company, a community bank founded in 1918 serving northern Maine and the greater Bangor and Portland regions, announced that its Board of Directors has approved a Stock Buyback Program. The Program authorizes the purchase of up to $2,000,000 of the Company's outstanding shares of Common Stock through December 31, 2024.

Shares may be repurchased by the Company and may be purchased by Katahdin Trust Company's Employee Stock Ownership Plan (ESOP). All such transactions may be initiated in the discretion of the Company or the ESOP, subject to market conditions and other considerations.

Repurchases or ESOP purchases may be made in the open market, through block trades, or through privately negotiated transactions. Share purchases may be commenced or suspended at any time without prior notice, and there can be no assurances as to how many shares the Company will repurchase, if any, or at what prices any purchases will be made.

The Board of Directors may, without prior notice, alter the terms of this Program at any time, including to change the announced share authorization level or to extend or terminate this Stock Buyback Program.

About Katahdin Bankshares Corp.
Katahdin Bankshares Corp. is the bank holding company of Katahdin Trust Company. Founded in 1918, Katahdin Trust is a community bank based in Houlton, Maine with 16 locations and more than $1 billion in assets. Katahdin Bankshares Corp. common stock is quoted on the OTC Markets (OTCQX) under the symbol KTHN. Learn more about the Company and its subsidiary bank at www.katahdintrust.com and follow Katahdin Trust on Facebook, X (formerly Twitter), LinkedIn, and Instagram.

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SOURCE Katahdin Bankshares Corp.

FAQ

What did Katahdin Bankshares Corp. (KTHN) announce?

Katahdin Bankshares Corp. announced a Stock Buyback Program authorizing the purchase of up to $2,000,000 of the Company's outstanding shares of Common Stock through December 31, 2024.

What is the purpose of the Stock Buyback Program?

The purpose is to repurchase the Company's outstanding shares of Common Stock, with shares being able to be repurchased by the Company or purchased by Katahdin Trust Company's Employee Stock Ownership Plan (ESOP).

How will the shares be repurchased?

Shares may be repurchased in the open market, through block trades, or through privately negotiated transactions.

Can the terms of the Stock Buyback Program be altered?

Yes, the Board of Directors may alter the terms of the Program at any time without prior notice, including changing the announced share authorization level or extending or terminating the Program.