AUBURN, Alabama, April 12, 2022 (GLOBE NEWSWIRE) — Auburn National Bancorporation, Inc. (NASDAQ: AUBN) today announced that the company’s board of directors has approved a new stock repurchase program for replace the repurchase program which expired on March 31, 2022. The new program authorizes the repurchase, from time to time, of up to $5 million of the issued and outstanding common shares of the Company through the first of the following actions: (i) the $5 million expenditure on share repurchases, (ii) the termination or replacement of the Repurchase Plan and (iii) April 15, 2024. Share repurchases may be open market or private purchases, negotiated transactions, block purchases and others.
The Company is not required to acquire a specific number of shares and may suspend or terminate its share buybacks at any time. The amount and timing of share repurchases will be based on various factors, such as management’s assessment of the Company’s liquidity, the market price of the Company’s common stock relative to management’s the underlying value of those shares and other applicable regulatory, legal and accounting factors. .
About Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $1.1 billion. The Bank is an Alabama state chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank operates in eastern Alabama, including Lee County and surrounding areas. The Bank operates eight full-service branches in Auburn, Opelika, Valley and Notasulga, Alabama. The Bank also operates loan origination offices in Auburn and Phenix City, Alabama. Additional information about the Company and the Bank can be found by visiting www.auburnbank.com.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements regarding possible future stock repurchases, future financial of the Company, results of operations, liquidity, conditions of our markets and generally the market prices of the Company’s common stock and management’s opinion of its value from time to time. Forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, anticipations, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, including miscellaneous may be beyond our control and which may cause the actual results, performance, achievements or financial condition of the Company to be materially different from any future results, performance, achievements or financial condition expressed or implied by such forward-looking statements.
All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this cautionary statement, together with the risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31. 2021 and otherwise in the Company’s other reports and filings with the SEC.
For more information, contact:
Robert W. Dumas
Chairman, President and CEO