Meridian Bancorp, Inc. Announces New Stock Repurchase Program
12 April 2019 - 6:05AM
Meridian Bancorp, Inc. (the “Company” or “Meridian”) (NASDAQ:
EBSB), the holding company for East Boston Savings Bank (the
“Bank”), announced that it has adopted a new stock repurchase
program for up to 500,000 shares, or approximately 0.9% of its
outstanding common stock. This new stock repurchase program was
adopted following receipt of non-objection from the Federal Reserve
Bank of Boston. This is the Company’s second stock repurchase
program since completing its mutual-to-stock conversion and related
stock offering in July 2014. The Company’s first stock repurchase
program for 3,373,621 shares was completed in January 2019.
Repurchases will be made no sooner than the
termination of the Company’s regular quarterly trading blackout
following the Company’s public release of its results of operations
for the quarter ended March 31, 2019, and consistent with the
Company’s trading policies. Shares may be repurchased in open
market or private transactions, through block trades, or pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management’s
discretion at prices management considers to be attractive and in
the best interests of both the Company and its stockholders,
subject to the availability of stock, general market conditions,
the trading price of the stock, alternative uses for capital, and
the Company’s financial performance. Open market
purchases will be subject to the limitations set forth in Rule
10b-18 of the Securities and Exchange Commission and other
applicable legal requirements.
Repurchases under this authorization may be
suspended, terminated or modified by the Company at any time for
any reason, including market conditions, the cost of repurchasing
shares, the availability of alternative investment opportunities,
liquidity, and other factors deemed appropriate. These factors may
also affect the timing and amount of share repurchases. The Company
is not obligated to repurchase any particular number of shares.
Meridian Bancorp, Inc. is the holding company
for East Boston Savings Bank. East Boston Savings Bank, a
Massachusetts-chartered stock savings bank founded in 1848,
operates 38 branches in the greater Boston metropolitan area,
including 37 full-service locations and one mobile branch. We offer
a variety of deposit and loan products to individuals and
businesses located in our primary market, which consists of Essex,
Middlesex, Norfolk and Suffolk Counties, Massachusetts. For
additional information, visit www.ebsb.com.
Forward Looking Statements
Certain statements herein constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as “believes,” “will,” “expects,”
“project,” “may,” “could,” “developments,” “strategic,”
“launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These
statements are based upon the current beliefs and expectations of
Meridian Bancorp, Inc.’s management and are subject to significant
risks and uncertainties. Actual results may differ materially from
those set forth in the forward-looking statements as a result of
numerous factors. Factors that could cause such differences to
exist include, but are not limited to, general economic conditions,
changes in interest rates, regulatory considerations, and
competition and the risk factors described in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q as filed
with the Securities and Exchange Commission. Should one or more of
these risks materialize or should underlying beliefs or assumptions
prove incorrect, Meridian Bancorp, Inc.’s actual results could
differ materially from those discussed. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release.
Contact: Richard J. Gavegnano, Chairman, President and Chief
Executive Officer(978) 977-2211
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