Amalgamated Bank Announces $25 Million Share Repurchase Program
“As we strive to expand our franchise and meet the needs of values based institutions, we will continue to maintain a thoughtful and balanced capital allocation strategy focused on growth, both organic and through accretive acquisitions, as well as a steady return of capital to our shareholders through the Company’s quarterly dividend,” commented
The repurchase authorization does not have an expiration date and may, without prior notice, be extended, modified, amended, suspended or discontinued at any time at the Company’s discretion and does not commit the Company to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Company’s management at its discretion and will depend on a number of factors, including the performance of the Company’s stock price, the Company’s ongoing capital planning considerations, general market and other conditions and applicable legal requirements.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in the Plan to repurchase shares on the Company’s behalf in accordance with the terms of the Plan. Because the repurchases under the Plan are subject to certain pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the Plan, or that there will be any repurchases pursuant to the Plan.
The Company presently expects to repurchase outstanding shares from time to time (i) to generally offset the dilutive impact of employee stock-based compensation plans, including option exercises and restricted unit vesting, and (ii) to reduce share count via share repurchases as and when attractive opportunities arise. The amount and timing of future repurchases may vary depending on market conditions and the level of operating, financing and other investing activities.
About Amalgamated Bank
This press release contains statements that may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding Amalgamated Banks's intention to repurchase shares of its common stock under the share repurchase program, and the anticipated source of funding for those repurchases. Such statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of Amalgamated Bank’s, the nature of other investment opportunities presented to
Source: Amalgamated Bank