Third Century Bancorp Announces Adoption of Stock Repurchase Program
Third Century Bancorp has launched a stock repurchase program to buy back up to 50,000 shares, representing approximately 5% of its outstanding common stock. This program is effective until December 8, 2021, and shares may be repurchased in open market or private transactions. The timing and quantity of repurchases will depend on market conditions and the company’s financial performance. Founded in 1890, the company operates Mutual Savings Bank in Indiana, offering full-service financial solutions.
- Initiation of a stock repurchase program for up to 50,000 shares, enhancing shareholder value.
- Repurchases may indicate management's confidence in the company's future performance.
- The program's timing and amount can be suspended or modified based on various market conditions.
- Market conditions and alternative investment opportunities may limit the effectiveness of the buyback.
(OTCPINK: TDCB) - Third Century Bancorp (the “Company”), the holding company for Mutual Savings Bank (the “Bank”), announced that it has adopted a stock repurchase program for up to approximately
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.
The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by the Company at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the Bank operates branches in Franklin at 1124 North Main Street and the Otterbein Franklin Senior Life Community, as well as branches in Nineveh, Trafalgar and Greenwood, Indiana.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include the COVID-19 pandemic, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the Bank, and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
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FAQ
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