Auburn National Bancorporation Authorizes Stock Repurchase Program
13 April 2022 - 06:15AM
Auburn National Bancorporation, Inc. (NASDAQ: AUBN) announced today
that the Company’s Board of Directors has approved a new stock
repurchase program to replace the repurchase program that expired
on March 31, 2022. The new program authorizes the repurchase,
from time to time, of up to $5 million of the Company’s issued
and outstanding common stock through the earliest of (i) the
expenditure of $5 million on Share repurchases, (ii) the
termination or replacement of the Repurchase Plan and (iii) April
15, 2024. The stock repurchases may be open-market or private
purchases, negotiated transactions, block purchases, and otherwise.
The Company is not required to acquire any specific number of
shares and may suspend or terminate its share repurchases at any
time. The amount and timing of the stock repurchases will be based
on various factors, such as management’s assessment of the
Company’s liquidity, the market price of Company common stock
compared to management’s assessment of such stock’s underlying
value, and other applicable regulatory, legal and accounting
factors.
About Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (the “Company”) is the
parent company of AuburnBank (the “Bank”), with total assets of
approximately $1.1 billion. The Bank is an Alabama state-chartered
bank that is a member of the Federal Reserve System, which has
operated continuously since 1907. Both the Company and the Bank are
headquartered in Auburn, Alabama. The Bank conducts its business in
East Alabama, including Lee County and surrounding areas. The Bank
operates eight full-service branches in Auburn, Opelika, Valley,
and Notasulga, Alabama. The Bank also operates loan production
offices in Auburn and Phenix City, Alabama. Additional information
about the Company and the Bank may be found by
visiting www.auburnbank.com.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, including, without limitation, statements
about possible future stock repurchases, future Company financial
condition, operating results, liquidity, economic conditions in our
markets and generally, market prices of Company common stock and
management’s views of its value from time to time. Forward-looking
statements include statements with respect to our beliefs, plans,
objectives, goals, expectations, anticipations, assumptions,
estimates, anticipations, estimates, intentions and future
performance, and involve known and unknown risks, uncertainties and
other factors, various of which may be beyond our control, and
which may cause the actual results, performance, achievements or
financial condition of the Company to be materially different from
future results, performance, achievements or financial condition
expressed or implied by such forward-looking statements.
All written or oral forward-looking statements attributable to
the Company are expressly qualified in their entirety by this
cautionary notice, together with those risks and uncertainties
described in the Company’s annual report on Form 10-K for
the year ended December 31, 2021 and otherwise in the
Company’s other SEC reports and filings.
For additional information, contact:Robert W. DumasChairman,
President and CEO(334) 821-9200
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