MALVERN, PA — Meridian Corporation (NASDAQ: MRBK), the parent company for Meridian Bank, recently announced that its board of directors has authorized a stock repurchase plan pursuant to which Meridian may repurchase up to 5% of its outstanding common shares. Meridian reported 6.4 million shares outstanding at December 31, 2018.
Shares of Meridian common stock will be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. Meridian intends to fund the repurchase plan from cash generated from ongoing operations. This program is expected to continue indefinitely.
There is no guarantee as to the exact number of or value of shares that will be repurchased by Meridian, and Meridian may discontinue repurchases at any time that management determines additional repurchases are not warranted.
The timing and amount of share repurchases under the stock repurchase plan will depend on a number of factors, including Meridian’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.
“The stock repurchase authorization highlights our confidence in Meridian’s business and our outlook for continued growth,” stated Christopher J Annas, Chairman, President and Chief Executive Officer. “We believe the stock repurchase program is a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share.”
Source: Meridian Headquarters, 9 Old Lincoln Hwy, Malvern PA 19355
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