FIRST RESOURCE BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM

Rhea-AI Summary

First Resource Bancorp, Inc. (OTCQX: FRSB) has announced a stock repurchase program of up to 155,922 shares, or 5% of its outstanding common stock. The program, set to expire on July 16, 2025, demonstrates the company's commitment to enhancing shareholder value. Key points include:

• Repurchases may occur in open market or private transactions
• The program is flexible, with no obligation to acquire a specific amount
• Timing and volume will be at management's discretion
• Repurchased shares will be held as treasury stock for general corporate purposes

Lauren C. Ranalli, President and CEO, emphasized the company's strong capitalization and growing profitability as factors enabling this initiative.

Positive

• Announcement of stock repurchase program for up to 5% of outstanding shares
• Potential increase in shareholder value through stock buyback
• Company reports strong capitalization
• Consistently growing profitability expanding capital base

Negative

• Potential reduction in available capital for other investments or growth opportunities

EXTON, Pa., Aug. 12, 2024 /PRNewswire/ -- First Resource Bancorp, Inc. (the "Company") (OTCQX: FRSB), the parent company for First Resource Bank, announced today that its Board of Directors has approved a stock repurchase program of up to 155,922 shares, or 5%, of its outstanding shares of common stock. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice.  The stock repurchase program will expire on July 16, 2025, subject to the earlier termination or extension of the Board of Directors.

The Company 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 applicable securities laws and regulations, including rule 10b5-1 of the Securities and Exchange Commission. The timing, volume and nature of such purchases will be determined by the sole discretion of the Company's management, subject to the availability of stock, general market conditions, trading price, alternate uses of capital, the Company's financial performance and applicable legal and regulatory requirements. Repurchased shares will be held as treasury stock and will be available for general corporate purposes.

Lauren C. Ranalli, President and CEO, stated, "Enhancing shareholder value is a priority for the Board of Directors and this stock repurchase program demonstrates that commitment. The Company is well capitalized, and profitability is consistently growing our capital base month after month. We are excited for this opportunity to increase shareholder value through this program."

D.A. Davidson has been selected as managing broker. For information regarding the share repurchase, contact may be made with Troy N. Carlson, Senior Vice President & Community Bank Financial Professional at D.A. Davidson, tncarlson@dadco.com.

About First Resource Bancorp, Inc.

First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.                 

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SOURCE First Resource Bank

FAQ

How many shares does First Resource Bancorp (FRSB) plan to repurchase?

First Resource Bancorp (FRSB) plans to repurchase up to 155,922 shares, which represents 5% of its outstanding common stock.

When does the FRSB stock repurchase program expire?

The stock repurchase program for First Resource Bancorp (FRSB) is set to expire on July 16, 2025, unless terminated or extended earlier by the Board of Directors.

What is the purpose of FRSB's stock repurchase program?

The primary purpose of FRSB's stock repurchase program is to enhance shareholder value, demonstrating the Board of Directors' commitment to this priority.

How will First Resource Bancorp (FRSB) execute the stock repurchases?

FRSB may repurchase common stock in the open market, through privately negotiated transactions, or via trading plans in accordance with applicable securities laws and regulations, including SEC Rule 10b5-1.