Mid Penn Bancorp (MBP) Terminates Stock Buyback Plan
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- Mid Penn Bancorp (MBP) Terminates Stock Buyback Plan
- Mid Penn Bancorp, Inc. Stock Repurchase Program Terminated
A Mid Penn Bancorp, Inc. (AMEX: MBP) stock repurchase program approved by the Board of Directors in September 2005 will terminate on June 30, 2008. The program allowed for purchases totaling up to 250,000 shares. The Company's open-market purchases have accumulated 34,504 shares, or just 13.8% allowable under the program, during the 33 months since its inception.
Despite a weak general market, Mid Penn Bancorp's stock price reached 52-week highs during the past week. Due to the limited trading volume, compounded by the recent strong share price, Mid Penn Bancorp's Board of Directors and management decided at the June 25, 2008 Board Meeting to end this program effective June 30, 2008, and directed management to design a new stock repurchase program, focusing on privately negotiated blocks of stock, to be evaluated in the coming months.
Mid Penn Bancorp, Inc. (MPB) is a bank holding company for Mid Penn Bank (the Bank). [SM]
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