Absecon Bancorp (OTCMKTS:ASCN) Stock On Watchlist Following Share Repurchase Plan
Absecon Bancorp (OTCMKTS:ASCN), the bank holding company of First National Bank of Absecon announced that the Board of Directors authorized the 2023 share repurchase plan. Under the repurchase plan, the firm was authorized to buy a backup of about 10,000 shares, which was about 9.1% of its 110,312 outstanding and issued shares of common stock.
Trading Data
On Wednesday, ASCN stock ended flat at $72.25 with 109 shares, compared to volume of 65 shares. The stock moved within a range of $72.25 – 72.25 after opening trade at $72.25.
Absecon Bancorp Announces Share Repurchase Plan
The firm aims to achieve share repurchases through privately negotiate transactions and open market transactions, subject to share availability, market conditions, the trading price of shares, and financial performance. Repurposed shares should be harnessed for retired or general corporate purposes.
The 2023 share repurchase plan doesn’t obligate the firm to buy a specific number of shares of common stock. This may be suspended or modified at any time. The company is expecting the appointment of Keefe, Bruyette & Woods, Inc. as the independent repurchasing agent for repurchasing common stock shares.
Bancorp’s financial statements in March 2023 saw a consolidated net income of $332,103 and total consolidated assets of $186.5 million. This comprised of undistributed bank income of $332,103, derived from the wholly owned bank subsidiary, First National Bank of Absecon. Investors can refer to information on www.fdic.gov for more information on First National Bank of Absecon.
