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EXTON, Pa., Aug. 12, 2024 /PRNewswire/ -- First Resource Bancorp, Inc. (the "Company") (OTCQX: FRSB), the parent company for First Resource Bank, announced today that its Board of Directors has approved a stock repurchase program of up to 155,922 shares, or 5%, of its outstanding shares of common stock. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice. The stock repurchase program will expire on July 16, 2025, subject to the earlier termination or extension of the Board of Directors.
The Company may repurchase common stock from time to time in the open market, in privately negotiated transactions, or any trading plan that may be adopted in accordance with applicable securities laws and regulations, including rule 10b5-1 of the Securities and Exchange Commission. The timing, volume and nature of such purchases will be determined by the sole discretion of the Company's management, subject to the availability of stock, general market conditions, trading price, alternate uses of capital, the Company's financial performance and applicable legal and regulatory requirements. Repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Lauren C. Ranalli, President and CEO, stated, "Enhancing shareholder value is a priority for the Board of Directors and this stock repurchase program demonstrates that commitment. The Company is well capitalized, and profitability is consistently growing our capital base month after month. We are excited for this opportunity to increase shareholder value through this program."
D.A. Davidson has been selected as managing broker. For information regarding the share repurchase, contact may be made with Troy N. Carlson, Senior Vice President & Community Bank Financial Professional at D.A. Davidson, tncarlson@dadco.com.
About First Resource Bancorp, Inc.
First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.