AMESBURY, Mass., Dec. 2, 2024
/PRNewswire/ -- Provident Bancorp, Inc. (the "Company")
(Nasdaq:PVBC), the holding company for BankProv (the "Bank"), today
announced that its Board of Directors has adopted a new stock
repurchase program. Under the repurchase program, the Company may
repurchase up to 883,366 shares of its common stock, or
approximately five percent of the current outstanding shares.
The repurchase program was adopted following the receipt of
non-objection from the Federal Reserve Bank of Boston. The repurchase program permits shares
to be repurchased in open market or private transactions, through
block trades, and 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 conducted in accordance
with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission
and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified
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 repurchase program does not obligate the Company
to purchase any particular number of shares.
About Provident Bancorp, Inc.
Provident Bancorp, Inc. (NASDAQ:PVBC) is the holding company for
BankProv, a full-service commercial bank headquartered in
Massachusetts. With retail
branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire, as well as commercial banking
offices in the Manchester/Concord market in Central New Hampshire, BankProv delivers a
unique combination of traditional banking services and innovative
financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv
holds the honor of being the 10th oldest bank in the nation. The
Bank insures 100% of deposits through a combination of insurance
provided by the Federal Deposit Insurance Corporation (FDIC) and
the Depositors Insurance Fund (DIF). For more information, visit
bankprov.com.
Forward-Looking Statements
This news release may contain certain forward-looking
statements, such as statements of the Company's or the Bank's
plans, objectives, expectations, estimates and intentions.
Forward-looking statements may be identified by the use of words
such as, "expects," "subject," "believe," "will," "intends," "may,"
"will be" or "would." These statements are subject to change based
on various important factors (some of which are beyond the
Company's or the Bank's control), and actual results may differ
materially. Accordingly, readers should not place undue reliance on
any forward-looking statements (which reflect management's analysis
of factors only as of the date on which they are given). These
factors include: general economic conditions; interest rates;
inflation; levels of unemployment; legislative, regulatory and
accounting changes; monetary and fiscal policies of the U.S.
Government, including policies of the U.S. Treasury and the Board
of Governors of the Federal Reserve Bank; deposit flows; our
ability to access cost-effective funding; changes in liquidity,
including the size and composition of our deposit portfolio and the
percentage of uninsured deposits in the portfolio; changes in
consumer spending, borrowing and savings habits; competition; our
ability to successfully shift the balance sheet to that of a
traditional community bank; real estate values in the market area;
loan demand; the adequacy of our level and methodology for
calculating our allowance for credit losses; changes in the quality
of our loan and securities portfolios; the ability of our borrowers
to repay their loans; our ability to retain key employees; failures
or breaches of our IT systems, including cyberattacks; the failure
to maintain current technologies; the ability of the Company or the
Bank to effectively manage its growth; global and national war and
terrorism; the impact of the COVID-19 pandemic or any other
pandemic on our operations and financial results and those of our
customers; and results of regulatory examinations, among other
factors. The foregoing list of important factors is not exclusive.
Readers should carefully review the risk factors described in other
documents that the Company files from time to time with the
Securities and Exchange Commission, including Annual and Quarterly
Reports on Forms 10-K and 10-Q, and Current Reports on Form
8-K.
Investor contact:
Joseph Reilly
President and Chief Executive Officer
Provident Bancorp, Inc.
jreilly@bankprov.com
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SOURCE Provident Bancorp, Inc.