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

Rhea-AI Summary

Katahdin Bankshares Corp. (OTCQX: KTHN) has announced a $2 million Stock Buyback Program approved by its Board of Directors, effective until December 31, 2022. The program allows the company and its Employee Stock Ownership Plan (ESOP) to repurchase shares based on market conditions. The buyback strategy aims to enhance shareholder value and demonstrates confidence in the company's financial health. Katahdin Trust, with over $945 million in assets, serves northern Maine. This initiative complements its reputation as a top community bank.

Positive

• Authorization of a $2 million Stock Buyback Program enhances shareholder value.
• Demonstrates confidence in the company's financial health and future prospects.
• Katahdin Trust has over $945 million in assets, indicating strong financial standing.

Negative

• None.

HOULTON, Maine, Dec. 23, 2021 /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, 2022.

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 $945 million in assets and 16 banking offices that serve Aroostook, Penobscot, and Cumberland counties. The Bank has nearly 180 employees and, in 2021, was named one of the Best Places to Work in Maine for the fourth year in a row and recognized the past two 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 announced by KTHN?

The purpose of the Stock Buyback Program is to enhance shareholder value by repurchasing up to $2 million of the company's outstanding shares.

When does the Stock Buyback Program for KTHN expire?

The Stock Buyback Program for KTHN is effective until December 31, 2022.

How will KTHN repurchase shares under the Stock Buyback Program?

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

What can investors expect from KTHN's Stock Buyback Program?

Investors can expect potential improvements in share value and overall confidence in the company's financial future as a result of the buyback initiative.