NorthEast Community Bancorp, Inc. Announces Stock Repurchase Program
27 Julho 2022 - 5:15PM
NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”),
the holding company for NorthEast Community Bank, today announced
that the Company’s Board of Directors has authorized a stock
repurchase program to acquire up to 1,637,794 shares, or 10%, of
the Company's currently issued and outstanding common stock
commencing on August 1, 2022. This is the Company’s first
repurchase program since completing its second-step conversion and
related stock offering in July 2021.
The repurchase program permits shares to be
repurchased in open market transactions or privately negotiated
transactions, and pursuant to a trading plan in accordance with
Rule 10b5-1 of the Securities and Exchange Commission. In this
regard, the Board also authorized management to enter into a
trading plan with Piper Sandler & Co. in accordance with Rule
10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”),
to facilitate repurchases of its common stock pursuant to the
above-mentioned stock repurchase program (the "Rule 10b5-1 plan").
The Rule 10b5-1 plan allows the Company to repurchase shares at
times when they might otherwise be prevented from doing so by
securities laws or because of self-imposed trading blackout
periods. Under the Rule 10b5-1 plan, Piper Sandler & Co. will
have the authority, subject to the prices, terms and limitations
set forth in the Rule 10b5-1 plan, including compliance with Rule
10b-18 of the Exchange Act, to repurchase shares on the Company's
behalf.
The timing and actual number of shares
repurchased will depend on a variety of factors including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. The repurchase
program does not obligate the Company to purchase any particular
number of shares and it may be extended, modified or discontinued
at any time.
About NorthEast Community
Bancorp
NorthEast Community Bancorp, headquartered at
325 Hamilton Avenue, White Plains, New York 10601, is the holding
company for NorthEast Community Bank, which conducts business
through its ten branch offices located in Bronx, New York, Orange,
and Rockland Counties in New York and Essex, Middlesex, and Norfolk
Counties in Massachusetts and three loan production offices located
in New City, New York, White Plains, New York, and Danvers,
Massachusetts. For more information about NorthEast Community
Bancorp and NorthEast Community Bank, please visit
www.necb.com.
Forward Looking Statement
This press release contains certain
forward-looking statements. Forward-looking statements include
statements regarding anticipated future events and can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate,” and “intend” or
future or conditional verbs such as “will,” “would,” “should,”
“could,” or “may.” Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include, but are not limited to, changes in market interest rates,
regional and national economic conditions (including higher
inflation and its impact on regional and national economic
conditions), the effect of the COVID-19 pandemic (including its
impact on NorthEast Community Bank’s business operations and credit
quality, on our customers and their ability to repay their loan
obligations and on general economic and financial market
conditions), legislative and regulatory changes, monetary and
fiscal policies of the United States government, including policies
of the United States Treasury and the Federal Reserve Board, the
quality and composition of the loan or investment portfolios,
demand for loan products, deposit flows, competition, demand for
financial services in NorthEast Community Bank’s market area,
changes in the real estate market values in NorthEast Community
Bank’s market area and changes in relevant accounting principles
and guidelines. Additionally, other risks and uncertainties may be
described in our annual and quarterly reports filed with the U.S.
Securities and Exchange Commission (the “SEC”), which are available
through the SEC’s website located at www.sec.gov. These risks and
uncertainties should be considered in evaluating any
forward-looking statements and undue reliance should not be placed
on such statements. Except as required by applicable law or
regulation, the Company does not undertake, and specifically
disclaims any obligation, to release publicly the result of any
revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of the statements or
to reflect the occurrence of anticipated or unanticipated
events.
CONTACT: |
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Kenneth A. Martinek |
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Chairman and Chief Executive Officer |
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PHONE: |
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(914) 684-2500 |
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