Western New England Bancorp, Inc. Announces Completion of 2024 Repurchase Plan
- Successfully completed the 2024 repurchase plan of 1.0 million shares (4.6% of outstanding shares)
- New repurchase plan authorized for additional 1.0 million shares (4.8% of outstanding shares)
- Company maintains dual shareholder return strategy through buybacks and cash dividends
- Average repurchase price of $8.79 per share demonstrates disciplined capital deployment
- Significant reduction in outstanding shares could potentially reduce stock liquidity
- Capital used for buybacks may limit funds available for business growth or acquisitions
Insights
WNEB completed share repurchase program and authorized new buyback, signaling confidence in capital strength and commitment to shareholder returns.
Western New England Bancorp has successfully completed its 2024 Repurchase Plan, buying back 1.0 million shares (approximately
What's more significant is the immediate authorization of a new repurchase program for an additional 1.0 million shares (approximately
The back-to-back repurchase authorizations highlight management's strategic approach to capital efficiency. By reducing the share count, WNEB is effectively increasing earnings per share and book value per share metrics, potentially enhancing shareholder returns even if underlying earnings remain constant. The nearly identical size of the two programs (
The flexibility built into the new program—allowing repurchases through open market or private transactions—gives management tactical options to optimize timing and execution. This balanced capital return strategy complements the company's dividend program, providing shareholders with both income and potential share price appreciation through reduced supply of shares in the market.
WESTFIELD, Mass., June 03, 2025 (GLOBE NEWSWIRE) -- Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced that on May 30, 2025, the Company completed all repurchases under its existing stock repurchase plan (the “2024 Repurchase Plan”) at an average price per share of
On April 22, 2025, the Board of Directors of the Company authorized a new stock repurchase plan, pursuant to which the Company may repurchase up to 1.0 million shares, or approximately
James C. Hagan, President and Chief Executive Officer, commented, “We are pleased to announce the completion of our 2024 Repurchase Plan. We believe that share repurchases are a prudent use of the Company’s capital and demonstrate our commitment to effectively manage the Company’s capital levels, while increasing total shareholder returns through stock repurchases as well as cash dividends.”
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 “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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, 2024 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.
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
How many shares did WNEB repurchase under its 2024 buyback plan?
What is the size of WNEB's new stock repurchase plan announced in April 2025?
How does Western New England Bancorp plan to execute its new share repurchase program?
What is WNEB's strategy for returning capital to shareholders?
When did WNEB complete its 2024 stock repurchase plan?
