Katahdin Bankshares approves $2 million stock buyback program

Katahdin Bankshares Corp. (OTCQX: KTHN) announced that its board of directors has approved a stock buyback program authorizing the purchase of up to $2 million of the company's outstanding common stock through December 31, 2026.

The Maine-based bank holding company stated that shares may be repurchased by the company and may be purchased by Katahdin Trust Company's Employee Stock Ownership Plan. All transactions may be initiated at the discretion of the company or the ESOP, subject to market conditions and other considerations.

Repurchases or ESOP purchases may be made in the open market, through block trades, or through privately negotiated transactions. Share purchases may be commenced or suspended at any time without prior notice, according to the company's statement.

The company noted there are no assurances regarding how many shares will be repurchased or at what prices any purchases will be made. The board of directors may alter the terms of the program at any time, including changing the announced share authorization level or extending or terminating the buyback program.

Katahdin Bankshares is the parent company of Katahdin Trust Company, a community bank founded in 1918 that serves northern Maine and the greater Bangor and Portland regions. The bank operates 16 locations and has more than $1.09 billion in assets.

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