MALVERN, PA — Meridian Corporation (Nasdaq: MRBK) announced this week that its Board of Directors authorized an increase in its $6 million repurchase plan adopted on April 22, 2021, to repurchase up to $20 million of its outstanding common stock over a two-year period.
This equates to an increase of approximately 490 thousand shares or an additional 8% of the outstanding shares as of June 30, 2021. Prior to the adoption of the increase, $5.4 million remained under the April 2021 plan available for repurchases, equating to approximately 185 thousand shares of Company stock.
“Along with initiating our dividend program last year, the repurchase program affirms our goal to enhance shareholder value,” said Christopher J. Annas, Chairman and CEO of Meridian. “We intend to repurchase our common stock to the extent we believe that our stock price makes repurchases an attractive use of capital.”
The timing and amount of common stock repurchases made pursuant to the Meridian common stock repurchase program are subject to various factors, including the company’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and limitations, and general market conditions. Also, the Company states it may be suspended at any time. The common stock repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
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