SSB Bancorp, Inc. Authorizes Stock Repurchase Program

Rhea-AI Summary

SSB Bancorp, Inc. announces a share repurchase program to buy back up to 49,489 shares, representing 5% of outstanding shares, over six months. Repurchases will be made through open market purchases or privately negotiated transactions, subject to market conditions.

PITTSBURGH, PA / ACCESSWIRE / March 12, 2024 / SSB Bancorp, Inc. (OTCQX:SSBP) (the "Company"), the holding company for SSB Bank, announced today that it has authorized a program to repurchase up to 49,489 shares of its outstanding common stock, which represents approximately 5% of the shares currently outstanding and owned by stockholders other than SSB Bancorp, MHC, over a six-month period.

The Company intends to conduct any repurchases through open market purchases, including by means of a trading plan adopted under Securities and Exchange Commission Rule 10b5-1, or in privately negotiated transactions, subject to market conditions and other factors. There is no guarantee as to the number of shares that the Company may repurchase at any given time during the six months.

About SSB Bank

SSB Bank is a Pennsylvania-chartered stock savings bank and the wholly owned subsidiary of SSB Bancorp, Inc. SSB Bank serves individuals and small businesses in Allegheny County and adjacent areas from its main office and branch office located in Pittsburgh.

Contact:

J. Daniel Moon, IV
President and Chief Executive Officer
(412) 837-6955

SOURCE: SSB Bancorp, Inc.

View the original press release on accesswire.com

FAQ

What did SSB Bancorp, Inc. announce regarding its stock repurchase program?

SSB Bancorp, Inc. announced a program to repurchase up to 49,489 shares of its outstanding common stock, representing approximately 5% of shares currently outstanding, over a six-month period.

How will the repurchases be conducted by SSB Bancorp, Inc.?

The repurchases will be conducted through open market purchases or privately negotiated transactions, subject to market conditions and other factors.

Under what rule may SSB Bancorp, Inc. adopt a trading plan for repurchases?

SSB Bancorp, Inc. may adopt a trading plan for repurchases under Securities and Exchange Commission Rule 10b5-1.

What percentage of outstanding shares does the share repurchase program represent for SSB Bancorp, Inc.?

The share repurchase program represents approximately 5% of shares currently outstanding for SSB Bancorp, Inc.

How long is the period set for the share repurchase program by SSB Bancorp, Inc.?

The share repurchase program is set over a six-month period by SSB Bancorp, Inc.