ALAMOGORDO, N.M., Oct. 26, 2017 /PRNewswire/ -- Bancorp 34, Inc.
("Bancorp 34") (NASDAQ: BCTF), the holding company for Bank 34,
announced that is has adopted a stock repurchase program for up to
approximately 5% of its outstanding common stock, or 171,910 shares
of its common stock. This is Bancorp 34's first stock
repurchase program since completing its mutual-to-stock conversion
and related stock offering in October 2016.
Repurchases may be made no sooner than the termination of
Bancorp 34's regular quarterly trading blackout after Bancorp 34
publicly releases its results of operations for the fiscal quarter
ended September 30, 2017, and
consistent with Bancorp 34'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. The repurchase program
has no expiration date.
Repurchases will be made at management's discretion at prices
management considers to be attractive and in the best interests of
both Bancorp 34 and its stockholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and Bancorp 34'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.
The timing and amount of share repurchases under this
authorization may be suspended, terminated or modified by Bancorp
34 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. Bancorp 34 is not obligated to repurchase any
particular number of shares or any shares in any specific time
period.
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 Bancorp 34'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 other risks 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, Bancorp 34'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.
Forward-looking statements speak only as of the date they are made,
and we assume no obligation to update any of these statements in
light of new information, future events or otherwise unless
required under federal securities laws.
Contact: Jan R. Thiry
EVP/Chief Financial Officer
623.777.0570
j.thiry@bank34.com
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SOURCE Bancorp 34, Inc.