NSTS Bancorp Announces Extension of Stock Repurchase Program
07 October 2023 - 7:15AM
NSTS Bancorp, Inc. (NASDAQ: NSTS) (the “Company” or “NSTS
Bancorp”), the stock holding company of North Shore Trust and
Savings, announced today that its Board of Directors has approved
the extension of the previously announced stock repurchase program
that authorizes the Company to repurchase up to an aggregate of
269,898 shares of the Company’s outstanding common stock. The
shares authorized to be repurchased represent approximately 5.0% of
the Company’s then currently outstanding common stock. The
previously approved program expired on September 29, 2023. The
extended program will be in effect until September 30, 2024, unless
earlier terminated.
As of October 5, 2023, the Company has
repurchased 152,681 shares at an average price of $8.88 per share.
An additional 117,217 shares are authorized for repurchase under
the program.
“We believe the extension of the current stock
repurchase program will continue to enhance our ability to
efficiently manage our capital and provide a tool for creating
value for our stockholders,” said Stephen G. Lear, President and
Chief Executive Officer of NSTS Bancorp.
Under the program, the shares may, at the
discretion of management, be repurchased from time to time in open
market purchases as market conditions warrant or in privately
negotiated transactions, including pursuant to a Rule 10b5-1 plan,
all as effected to the extent permitted by applicable law,
including pursuant to the safe harbor provided under Rule 10b-18 of
the Securities Exchange Act of 1934, as amended. The Company is not
obligated to purchase any shares under the program, and the program
may be discontinued at any time. The actual timing, number and
share price of shares purchased under the repurchase program will
be determined by the Company at its discretion and will depend on a
number of factors, including the market price of the Company’s
stock, general market and economic conditions and applicable legal
requirements.
About NSTS Bancorp, Inc. and North Shore Trust and Savings
NSTS Bancorp, Inc. is the stock holding company
of North Shore Trust and Savings. As of June 30, 2023, NSTS
Bancorp, Inc. had approximately $257 million in assets and operates
from its headquarters and main banking office in Waukegan,
Illinois, as well as two additional full-service branch offices
located in Waukegan and Lindenhurst, Illinois, respectively. For
over 100 years, North Shore Trust and Savings has served the local
communities where it operates and has deep and longstanding
relationships with its businesses and retail customers as well as
local municipalities.
Forward-Looking Statements
Certain statements contained herein are
considered forward-looking statements within the meaning of the
federal securities laws and are intended to be covered by the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements, which are based on certain current
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of the words
“may,” “will,” “should,” “could,” “would,” “plan,” “potential,”
“estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,”
“target” and similar expressions.
Any forward-looking statement speaks only as of
the date on which it is made. Forward-looking statements are based
on current beliefs and expectations of management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond our control. In addition, these forward-looking statements
are subject to assumptions with respect to future events, business
strategies and decisions that are subject to change. Because of
these and other uncertainties, our actual future results may be
materially different from the results indicated by these
forward-looking statements. Except as required by applicable law or
regulation, we do not undertake, and we specifically disclaim any
obligation, to update any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.
Contact:
Stephen G. Lear
Chairman, President and Chief Executive Officer
slear@northshoretrust.com
(847) 336-4430
NSTS Bancorp (NASDAQ:NSTS)
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