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BRISTOL, PA / ACCESSWIRE / May 5, 2023 / William Penn Bancorporation (“William Penn” or the “Company”) (NASDAQ CM:WMPN), the parent company of William Penn Bank (the “Bank”), announced today that the Company’s Board of Directors has approved a new share repurchase program to acquire up to 1,281,019 shares or approx. 10.0% of the Company’s currently issued and outstanding ordinary shares, commencing upon the completion of the Company’s existing share repurchase program. The new share buyback program was adopted after the company’s consultation with the Federal Reserve Bank of Philadelphia.
Kenneth J. Stephon, Chairman, President and Chief Executive Officer of William Penn, stated: “We are pleased to implement the repurchase plan approved by our Board of Directors. This newly approved plan will allow us to significantly increase our ongoing repurchase program , which we believe will continue to create value for our shareholders.”
On February 17, 2023, the Company announced its fourth share repurchase program, which became effective upon the completion of the Company’s third share repurchase program and authorized the purchase of up to 698,312 shares. Pursuant to this previously announced program, 570,067 shares of common stock have been repurchased at a price of $6,019,836, or $10.56 per share. stock. Per 4 May 2023, there are 128,245 shares remaining to be bought back under this existing programme.
On August 18, 2022, the Company announced its third share repurchase program, which became effective upon the completion of the Company’s second share repurchase program and authorized the purchase of up to 739,385 shares. Under this previously announced program, 739,385 shares of common stock have been repurchased at a price of $8,467,495, or $11.45 per share. stock. The company completed this buyback program on April 3, 2023.
On June 9, 2022, the Company announced its second share repurchase program, which became effective upon the completion of the Company’s first share repurchase program and authorized the purchase of up to 771,445 shares. Under this previously announced program, 771,445 shares of common stock have been repurchased at a price of $8,945,802, or $11.60 per share. stock. The company completed this buyback program on January 10, 2023.
On March 11, 2022, the Company announced its first share buyback program, which took effect on March 25, 2022 and authorized the purchase of up to 758,528 shares. Under this previously announced program, 758,528 shares of common stock have been repurchased at a price of $8,981,445, or $11.84 per share. stock. The Company completed this repurchase program during the quarter ended June 30, 2022.
Repurchases will be effected through open market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Buybacks will be made from time to time depending on market conditions and other factors.
The repurchase program does not commit the Company to purchase a specific number of shares, and the timing and actual number of shares repurchased will depend on a number of factors, including price, corporate and regulatory requirements, market conditions and other companies’ liquidity requirements and priorities. . There is no guarantee of the exact number of shares to be repurchased by William Penn.
About William Penn Bancorporation
William Penn Bancorporation, headquartered in Bristol, Pennsylvania, is the holding company for William Penn Bank, which serves the Delaware Valley area through twelve full-service branch offices in Bucks County and Philadelphia, Pennsylvania, and Burlington, Camden and Mercer Counties in New Jersey. The Company’s executive offices are located at 10 Canal Street, Suite 104, Bristol, Pennsylvania 19007. Deposits of William Penn Bank are insured up to the legal maximum (generally $250,000 per depositor) by the Federal Deposit Insurance Corporation (FDIC). The primary federal regulator for William Penn Bank is the FDIC. For more information about the bank and William Penn, please visit www.williampenn.bank.
This news release may contain forward-looking statements which can be identified by the use of words such as “believes”, “anticipates”, “anticipates”, “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historical facts are subject to risks and uncertainties that could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of our loan or investment portfolios, our ability to successfully manage liquidity, our ability to successfully integrate the business operations of acquired companies into our business operations, the effect of war, acts of terrorism or civil unrest, the impact of pandemics such as the recent COVID-19 pandemic, and that the Company may not be successful in implementing its business strategy. In addition, other risks and uncertainties may be described in William Penn’s Annual Report on Form 10-K for the year ended June 30, 2022 and other periodic reports filed with the SEC, which are available through the SEC’s EDGAR website at www.sec. gov. Should one or more of these risks materialize, actual results may differ from those expected, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, William Penn undertakes no obligation to update any forward-looking statement.
Kenneth J. Stephon
Chairman, President and CEO
(856) 656-2201, ext. 1009
SOURCE: William Penn Bancorporation
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