MNAT - Marquette National Corporation Announces a New Common Stock Repurchase Program
CHICAGO, March 20, 2020 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors authorized a new stock repurchase program that authorizes the Company to repurchase up to $3,000,000 of its outstanding common stock. Shares may be purchased in open market or negotiated transactions, through block trades, or by other trading plans as determined by management and in accordance with the Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program is authorized to last through December 31, 2020.
The repurchase program may be suspended, terminated, or modified at any time. The time of purchases and amount of share repurchase may be affected by variety factors including market conditions, price, trading volume and regulatory requirements.
The Company also announced that it completed its January 2020 stock repurchase program on March 16, 2020 with total purchases of 36,662 shares at an average price of $27.24 per share.
Marquette National Corporation is a diversified bank holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has 21 branches located in Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Romeoville and Summit, Illinois. For more information, visit: https://www.otcmarkets.com/stock/MNAT/quote.
Special Note Concerning Forward-Looking Statements
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business, including Basel III, the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued thereunder; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected outcomes of existing or new litigation involving the Company; and (x) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
For more information:
Paul Eckroth
EVP & CFO
708-364-9011
peckroth@emarquettebank.com
SOURCE Marquette National Corporation