Texas Community Bancshares, Inc. Authorizes New Stock Repurchase Program

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Texas Community Bancshares, Inc. (NASDAQ: TCBS) authorizes new stock repurchase program, allowing for the repurchase of up to 161,316 shares, approximately 5% of outstanding common stock. Completed repurchase of 164,842 shares under prior program. Repurchases to be conducted through open market or privately negotiated transactions, with no guarantee on exact number of shares. Program may be suspended or discontinued at any time, aiming to retain financial flexibility for core operations.

MINEOLA, Texas, Nov. 9, 2023 /PRNewswire/ -- Texas Community Bancshares, Inc. (the "Company") (NASDAQ: TCBS), the holding company of Mineola Community Bank, S.S.B., announced that its Board of Directors has approved a new stock repurchase program that authorizes the Company to repurchase up to 161,316 shares, which equals approximately 5% of its outstanding common stock as of October 25, 2023. The Company also announced that as of November 3, 2023, it had completed the repurchase of all 164,842 shares of its common stock authorized under the prior share repurchase program previously disclosed.

The Company intends to conduct any repurchases through open market purchases, including by means of a trading plan adopted under SEC Rule 10b5-1, or in privately negotiated transactions, subject to market conditions and other factors. There is no guarantee as to the exact number of shares that the Company may repurchase. Throughout the execution of this program, the Company is committed to retaining the financial flexibility it needs to invest in its core operations. The stock repurchase program may be suspended or discontinued at any time.

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SOURCE Texas Community Bancshares, Inc.

FAQ

What is the ticker symbol of Texas Community Bancshares, Inc.?

The ticker symbol is TCBS on NASDAQ.

How many shares can the company repurchase under the new program?

The company can repurchase up to 161,316 shares, which is approximately 5% of its outstanding common stock.

How will the repurchases be conducted?

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

Can the stock repurchase program be suspended or discontinued?

Yes, the program may be suspended or discontinued at any time.

What is the company's intention during the execution of the program?

The company is committed to retaining the financial flexibility it needs to invest in its core operations.