Bar Harbor Bankshares (BHB) to Resume Rock Buyback Plan
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Bar Harbor Bankshares (NYSE: BHB) announced that its Board of Directors has authorized the continuation of the Company’s existing stock repurchase plan through August 16, 2018. No other changes were made to the plan.
In August 2008, the Company’s Board of Directors approved a twenty-four month program to repurchase up to 450,000 shares of the Company’s common stock, or approximately 10.2% of the shares then outstanding. The Company’s Board of Directors authorized the continuance of this program for additional twenty-four month periods in August 2010, 2012 and 2014.
Depending on market conditions and other factors, stock repurchases may be commenced or suspended at any time, or from time to time, without prior notice and may be made in the open market or through privately negotiated transactions. As of June 30, 2016, the Company had repurchased 173,363 shares of stock under this plan, or 38.5% of the total authorized, at an average price of $19.89 per share.
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