EXTON, PA — First Resource Bancorp, Inc. (OTCQX: FRSB) has announced a new stock repurchase program. The Board of Directors approved the plan on August 12, 2024, allowing the company to buy back up to 155,922 shares, or 5%, of its outstanding common stock. This initiative underscores the company’s commitment to enhancing shareholder value.
The program does not compel the company to acquire a specific number of shares and may be limited, suspended, or terminated at any time without notice. It will expire on July 16, 2025, unless the Board decides to end or extend it sooner.
Repurchases can occur in various ways, including open market transactions, privately negotiated deals, or through a trading plan in line with securities laws and regulations like SEC rule 10b5-1. The company’s management will determine the timing, volume, and method of purchases based on stock availability, market conditions, trading prices, and other factors.
Lauren C. Ranalli, President and CEO, emphasized the program’s importance. “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 chosen as the managing broker for the repurchase program.
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