Select Bancorp (SLCT) Approves 5% Stock Buyback Plan

August 31, 2016 5:13 PM EDT

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Select Bancorp, Inc. (Nasdaq: SLCT), the holding company for Select Bank & Trust, announced that its Board of Directors has authorized a share repurchase plan under which the Company may repurchase up to 581,518 shares of common stock.

President and Chief Executive Officer William L. Hedgepeth II stated, “We are pleased that the Company’s historical financial performance and well capitalized status enable us to return value to our shareholders through this share repurchase plan. We are focused on creating shareholder value over the long term and our Board of Directors and management team believe that the Company's shares are an attractive investment opportunity.”

Repurchases may be made from time to time on the open market or through privately negotiated transactions. The Company’s repurchase plan has no time limit and may be suspended for periods or discontinued at any time. Any shares acquired will be cancelled and become authorized but unissued shares, available for future issuance. The Company had 11,630,373 shares of common stock issued and outstanding as of August 25, 2016.

Select Bank has branch offices in these North Carolina communities: Dunn, Burlington, Clinton, Elizabeth City, Fayetteville, Goldsboro, Greenville, Leland, Lillington, Lumberton, Morehead City, Raleigh and Washington.

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