Katahdin Bankshares Announces Stock Buyback Program, Up to $2.0 Million

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) announced a Stock Buyback Program allowing for the repurchase of up to $2,000,000 of its common shares through December 31, 2023. The shares may be repurchased by the company or through its Employee Stock Ownership Plan (ESOP), depending on market conditions. The program can be altered or terminated by the Board of Directors without prior notice. Katahdin Trust Company, founded in 1918, operates with assets exceeding $966 million across multiple locations in Maine.

Positive

• Authorization of a buyback program worth $2,000,000, potentially increasing shareholder value.
• Repurchase program signifies confidence in the company's financial health and future growth.

Negative

• None.

HOULTON, Maine, Dec. 30, 2022 /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, 2023.

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 more than $966 million in assets and 16 banking offices that serve Aroostook, Penobscot, and Cumberland counties. The Bank has nearly 180 employees and, in 2022, was named one of the Best Places to Work in Maine for the fifth year in a row, Best Place for Working Parents®, and recognized the past three years as one of the Top 200 Community Banks in the country by American Banker magazine. 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, Twitter, LinkedIn, and Instagram.

 

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SOURCE Katahdin Bankshares Corp.

FAQ

What is the purpose of the stock buyback program for KTHN?

The purpose of the stock buyback program for KTHN is to repurchase up to $2,000,000 of outstanding shares, which may increase shareholder value by reducing the number of shares available in the market.

When does the stock buyback program for KTHN end?

The stock buyback program for KTHN is authorized through December 31, 2023.

How may KTHN repurchase shares during the buyback program?

KTHN can repurchase shares in the open market, through block trades, or privately negotiated transactions, depending on market conditions.

Can the terms of the KTHN stock buyback program change?

Yes, the Board of Directors has the authority to alter the terms of the KTHN stock buyback program at any time without prior notice.