YORK, Pa., Aug. 26, 2021 /PRNewswire/ — Traditions Bancorp, Inc. (OTC Pink: TRBK), headquartered in York Township, Pennsylvania, announced that it has repurchased 297,752 shares of the corporation’s common stock in a privately negotiated transaction at a price of $24.00 per share for an aggregate purchase price of $7,146,000. This represents 9.49% of equity ownership prior to the purchase.
«Based on our continued growth in profitability and retained earnings, we are accumulating sufficient excess capital to invest in the repurchase of our stock, while maintaining the necessary reserves to fund future operations,» said Eugene J. Draganosky, President and Chief Executive Officer. «This transaction reflects our ongoing commitment to enhancing the value of the company’s stock and was fully funded by internally-generated cash.»
Stephens Inc. acted as financial advisor, and Stevens & Lee served as legal counsel to Traditions Bancorp.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:
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.
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SOURCE Traditions Bancorp, Inc.