Salisbury Bancorp, Inc. Announces Share Repurchase Program

Rhea-AI Summary

Salisbury Bancorp has renewed its share repurchase program for another 12 months, allowing for the repurchase of up to 5% of its outstanding common stock. This initiative aims to enhance shareholder value and demonstrates confidence in the company's prospects. The timing and number of shares repurchased will depend on market conditions and Salisbury's stock performance. Salisbury Bank and Trust Company has been serving communities since 1848, offering a range of banking products and services.

Positive

• Renewed share repurchase program aimed at enhancing shareholder value.
• Ability to buy back up to 5% of outstanding shares supports stock price performance.
• Demonstrates management's confidence in the company's future.

Negative

• None.

LAKEVILLE, Conn., March 23, 2022 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced today that its Board of Directors has approved the renewal of its share repurchase program, which expires today, for another twelve (12) months. The share repurchase program provides for the repurchase of Salisbury’s common stock in amounts up to an aggregate of five percent (5%) of the outstanding shares of Salisbury’s common stock from time to time over the next twelve (12) months through privately negotiated transactions and/or market purchases at appropriate prices, subject to price and market conditions on terms determined to be in the best interests of Salisbury. There is no guarantee as to the exact number of, or value of, shares that will be repurchased by Salisbury, and Salisbury may discontinue repurchases at any time. The timing and number of shares repurchased will depend upon various factors, including Salisbury’s stock price performance, ongoing capital considerations, market conditions, compliance with securities laws and other applicable legal considerations.

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.

This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, the effects of the COVID-19 Pandemic, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission's website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.

Contact:
Richard J. Cantele, Jr., President and CEO
Salisbury Bancorp, Inc.
5 Bissell Street
Lakeville, CT 06039
860.435.9801
rcantele@salisburybank.com 

FAQ

What is the purpose of Salisbury Bancorp's renewed share repurchase program?

The renewed share repurchase program aims to enhance shareholder value by allowing the company to buy back up to 5% of its outstanding shares over the next 12 months.

What percentage of shares can Salisbury Bancorp repurchase under the new program?

Salisbury Bancorp can repurchase up to 5% of its outstanding common stock under the renewed program.

When does the renewed share repurchase program for Salisbury Bancorp expire?

The renewed share repurchase program is set to expire 12 months from its approval date on March 23, 2022.

How will Salisbury Bancorp determine the timing of share repurchases?

The timing and number of shares repurchased will depend on various factors, including stock price performance, capital considerations, and market conditions.

What factors could affect Salisbury Bancorp's stock price during the buyback period?

Factors that could affect the stock price include market conditions, compliance with securities laws, and ongoing capital considerations.