Select Bancorp Announces New Stock Repurchase Plan
02 Outubro 2020 - 5:30PM
Select Bancorp, Inc. (the “Company”
NASDAQ: SLCT),
the holding company for Select Bank & Trust Company, announced
today that its Board of Directors has approved a new stock
repurchase plan. Under the new plan, the Company is authorized to
repurchase up to 875,000 outstanding shares of its common stock.
The Company may repurchase shares on the open market or through
privately negotiated transactions. The new plan replaces a stock
repurchase plan previously announced in September 2019 that
authorized the Company to repurchase up to 937,248 outstanding
shares of its common stock. The Company has repurchased all 937,248
shares authorized under the prior plan at an average price of $9.85
per share.
President and Chief Executive Officer William L. Hedgepeth II
stated, “We are pleased that the Company’s historical financial
performance and well-capitalized status give us the potential to
return value to our shareholders through this share repurchase
plan. We are focused on creating shareholder value over the long
term.”
The new repurchase plan does not require the Company to
repurchase any specified amount of shares and it may be suspended,
discontinued, or restarted at any time in the Company’s discretion.
Any shares acquired will be cancelled and become authorized but
unissued shares, available for future issuance. The Company had
17,786,552 shares of common stock issued and outstanding as of
September 30, 2020.
About Select Bancorp, Inc.
Select Bancorp, Inc. is a bank holding company
headquartered in Dunn, North Carolina. The Company primarily
conducts operations through its wholly owned subsidiary, Select
Bank & Trust Company, a North Carolina-chartered commercial
bank that provides a full suite of banking services through its
offices in North Carolina, South Carolina, and Virginia. The
Company’s common stock is listed on the Nasdaq Global Market under
the symbol “SLCT”.
Important Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, (i) statements regarding certain of
our goals and expectations and (ii) statements preceded by,
followed by or that include the words “may,” “could,” “should,”
“would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,”
“plan,” “projects,” “outlook,” “potential,” or similar expressions.
The actual results might differ materially from those projected in
the forward-looking statements for various reasons, including, but
not limited to: the ongoing COVID-19 pandemic and measures intended
to prevent its spread, which include wide disruptions to business
activity that may impact the financial strength of our borrowers;
our ability to manage growth or achieve it at all; substantial
changes in financial markets; our ability to obtain the synergies
and expense efficiencies anticipated from our acquisition activity
and branch divestures and consolidations; regulatory changes;
changes in interest rates, including the impact of such changes on
our net interest margin; loss of deposits and loan demand to other
savings and financial institutions; adverse economic conditions
that impact our borrowers’ ability to pay their debts when due,
including the rapid rise in unemployment associated with the
COVID-19 pandemic; and changes in real estate values and the real
estate market. Additional information concerning factors that could
cause actual results to materially differ from those in the
forward-looking statements is contained in the Company’s SEC
filings, including its periodic reports under the Securities
Exchange Act of 1934, as amended, copies of which are available
upon request from the Company. Except as required by law, the
Company assumes no obligation to update the forward-looking
statements publicly or to update the reasons actual results could
differ materially from those anticipated in the forward-looking
statements, even if new information becomes available in the
future.
Mark JeffriesExecutive Vice President Chief Financial Officer
Office: 910-892-7080 and Direct:
910-897-3603markj@SelectBank.comSelectBank.com
Select Bancorp (NASDAQ:SLCT)
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