TRBK - Traditions Bancorp Announces Share Repurchase Plan

PR Newswire

YORK, Pa. , March 24, 2022 /PRNewswire/ -- Traditions Bancorp, Inc. (OTC Pink: TRBK), the parent company for Traditions Bank, today announced that its Board of Directors has approved a stock repurchase plan pursuant to which Traditions Bancorp may repurchase up to $3 million of its outstanding shares of common stock. Traditions Bancorp reported 2,840,484 shares outstanding at December 31, 2021 .

"Based on our financial strength, current capital levels, and future growth expectations, we believe the stock repurchase plan is an appropriate deployment of our capital to maximize earnings per share and further enhance long-term shareholder value," said Eugene J. Draganosky , President and Chief Executive Officer.

Traditions Bancorp may repurchase common stock from time to time in the open market, in privately negotiated transactions, or any trading plan that may be adopted in accordance with all applicable securities laws and regulations, including rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of share repurchases under the stock repurchase plan will be determined by management and will depend on a number of factors, including market conditions, Traditions Bancorp's stock price performance, ongoing capital planning considerations, and applicable legal requirements. There is no guarantee as to the exact number of or value of shares that will be repurchased, and the management of Traditions Bancorp may suspend or discontinue repurchases at any time.

D.A. Davidson & Co. has been selected as managing broker. For information concerning the share repurchase, contact may be made with Troy N. Carlson , SVP & Community Bank Professional at D.A. Davidson & Co., tncarlson@dadco.com . Additional information on Traditions Bancorp can be found at https://ir.traditions.bank .

This release contains forward-looking statements about Traditions Bancorp, Inc. that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not historical facts.  These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology.  Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of Traditions Bancorp.

Traditions Bancorp cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to:  ineffectiveness of the organization's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.

Forward-looking statements in this release speak only as of the date of this release and Traditions Bancorp makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.

SOURCE Traditions Bancorp, Inc.