Western New England Bancorp, Inc. Announces Completion of 2022 Repurchase Plan
Rhea-AI Summary
Western New England Bancorp, Inc. (WNEB) announced the completion of its 2022 stock repurchase plan on June 6, 2024, buying back shares at an average price of $7.34. The Board approved a new repurchase plan on May 21, 2024, allowing up to 1 million shares, about 4.6% of the company's outstanding stock, to be repurchased. The new plan permits the repurchase of shares through open market transactions or privately negotiated transactions, depending on several factors like stock price, laws, and market conditions. The repurchase program can be modified or discontinued at any time.
Positive
- Completion of 2022 repurchase plan at $7.34 per share.
- Authorization to repurchase up to 1 million shares under the new 2024 plan.
- New repurchase plan represents 4.6% of outstanding shares.
- Flexibility in repurchasing methods including open market and privately negotiated transactions.
Negative
- Repurchase program can be modified, suspended, or discontinued, introducing uncertainty.
- Dependence on multiple variables like stock price, regulatory limitations, and market conditions for repurchases.
News Market Reaction 1 Alert
On the day this news was published, WNEB declined 0.78%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
WESTFIELD, Mass., June 10, 2024 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced that on June 6, 2024, the Company completed all repurchases under its existing stock repurchase plan (“2022 Repurchase Plan”) at an average price per share of
On May 21, 2024, the Board of Directors of the Company authorized a new stock repurchase plan (“2024 Repurchase Plan”), pursuant to which the Company may repurchase up to 1.0 million shares, or approximately
The Company may repurchase shares from time to time in open market transactions or through privately negotiated transactions at the Company’s discretion or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. The repurchase program may be modified, suspended or discontinued at any time, at the Company’s discretion.
About Western New England Bancorp, Inc.
Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.
Forward-Looking Statements
This press release contains statements that are forward-looking and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors discussed under the caption “Risk Factors” in Western New England Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Western New England Bancorp does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
For further information contact:
James C. Hagan, President and Chief Executive Officer
Guida R. Sajdak, Executive Vice President and Chief Financial Officer
Meghan Hibner, First Vice President and Investor Relations Officer
413-568-1911
FAQ
What did Western New England Bancorp announce on June 10, 2024?
What was the average price per share for the 2022 repurchase plan?
How many shares can Western New England Bancorp repurchase under the 2024 plan?
What percentage of outstanding shares does the 2024 repurchase plan cover?
What factors influence the repurchase of shares under the 2024 plan?
