HARLEYSVILLE, PA — Harleysville Financial Corp. (OTCQX: HARL) authorized a new stock repurchase program for up to 178,000 shares, expanding its capital return strategy after its current buyback authorization is exhausted.
The new authorization represents approximately 5% of the company’s outstanding common stock and will take effect immediately after the existing repurchase program concludes. About 34,333 shares remain available for repurchase under the current plan.
The company said shares may be repurchased periodically through open-market transactions as management determines market conditions warrant.
Repurchased shares will be held as treasury stock and may be used for general corporate purposes.
“The Company’s strategy is to maintain a strong balance sheet, practice sound capital management and build long-term value for our shareholders,” President and Chief Executive Officer Brendan J. McGill stated.
Harleysville Financial is the holding company for Harleysville Bank, a Pennsylvania-chartered savings bank founded in 1915.
The bank operates six full-service branches in Montgomery County and one branch in Bucks County.
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