Western New England Bancorp, Inc. Announces Completion of 2019 Repurchase Plan

Rhea-AI Summary

Western New England Bancorp, Inc. (WNEB) announced the completion of its stock repurchase program, known as the 2019 Plan, on October 15, 2020. The company repurchased 2.8 million shares, representing approximately 10% of its outstanding common stock. CEO James Hagan stated that this reflects the company's commitment to enhancing shareholder value. The repurchase program, initiated on January 29, 2019, is viewed as an attractive opportunity for boosting investor confidence and demonstrating the company's financial stability.

Positive

• Repurchased 2.8 million shares, boosting shareholder value.
• Completed a stock buyback program, indicating strong confidence in the company's future.

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• None.

WESTFIELD, Mass., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced that the Company completed its current stock repurchase program on October 15, 2020 (the “2019 Plan”), which was announced on January 29, 2019.

The Company repurchased a total of 2.8 million shares, or approximately 10% of its outstanding common stock, in connection with the 2019 Plan.

“We are pleased to announce the completion of the 2019 Plan. The Board of Directors and management continue to believe that repurchases of the Company’s shares are an attractive opportunity and demonstrate our commitment to enhancing shareholder value,” said James Hagan, President and Chief Executive Officer.

About Western New England Bancorp, Inc.

Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC.  Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut.  To learn more, visit our website at www.westfieldbank.com.

Forward-Looking Statements

This press release contains statements that are forward-looking and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption “Risk Factors” in Western New England Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. Western New England Bancorp does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information contact:
James C. Hagan, President and CEO
Guida R. Sajdak, Executive Vice President and CFO
Meghan Hibner, Vice President and Investor Relations Officer
413-568-1911

FAQ

What is the stock repurchase program of WNEB?

The stock repurchase program, known as the 2019 Plan, involved repurchasing 2.8 million shares, or about 10% of WNEB's outstanding common stock.

When was the WNEB stock buyback program completed?

The stock buyback program was completed on October 15, 2020.

What percentage of shares did WNEB repurchase?

WNEB repurchased approximately 10% of its outstanding common stock.

What are the expected effects of WNEB's stock repurchase on its stock price?

The stock repurchase is expected to enhance shareholder value and potentially increase WNEB's stock price due to reduced share supply.