NorthEast Community Bancorp, Inc. Announces Fourth Stock Repurchase Plan
November 25 2014 - 4:00PM
Business Wire
NorthEast Community Bancorp, Inc. (Nasdaq Global Market: NECB),
the holding company for NorthEast Community Bank, announced today
that the Company’s board of directors has approved the repurchase
of up to 255,123 shares, or approximately 5.0% of the Company’s
outstanding common stock held by persons other than NorthEast
Community Bancorp, MHC. These repurchases will be conducted solely
through a Rule 10b5-1 repurchase plan with Sandler O’Neill &
Partners, L.P., based upon parameters of the Rule 10b5-1 repurchase
plan. Repurchased shares will be held in treasury. This is the
fourth repurchase plan announced by the Company since 2010.
The Rule 10b5-1 repurchase plan allows the Company to repurchase
its shares during periods when it would normally not be active in
the market due to its internal trading blackout period.
NorthEast Community Bancorp, Inc. is the holding company for
NorthEast Community Bank. NorthEast Community Bank is a New York
State-chartered savings bank that operates four full-service
branches in New York and four full-service branches in Danvers,
Plymouth, Framingham and Quincy, Massachusetts and loan production
offices in Danvers, Massachusetts and White Plains, New York.
This press release may contain forward-looking statements. Such
forward-looking statements typically can be identified by the use
of forward-looking terminology such as “believes”, “expects”,
“may”, “intends”, “will”, “should”, “anticipates”, or the negative
of any of the foregoing or other variations thereon or comparable
terminology, or by discussion of strategy. Forward-looking
statements are subject to certain risks and uncertainties such as
local economic conditions, competitive factors, and regulatory
limitations. Actual results may differ materially from those
projected in the forward-looking statements. We caution readers not
to place undue reliance on these forward-looking statements. They
only reflect management’s analysis as of this date. Such risks,
uncertainties and other factors that could cause actual results and
experience to differ from those projected include, but are not
limited to, the following: the effects of new laws and regulations;
ineffectiveness of the business strategy due to changes in current
or future market conditions; the effects and unanticipated expenses
related to the charter conversion of our banking subsidiary from a
federal to a state charter; the effects of economic deterioration
on current customers; the effects of competition, and of changes in
laws and regulations on competition, including industry
consolidation and development of competing financial products and
services; interest rate movements; difficulties in integrating
distinct business operations, including information technology
difficulties; disruption from the transaction making it more
difficult to maintain relationships with customers and employees,
and challenges in establishing and maintaining operations in new
markets; and volatilities in the securities markets. Northeast
Community Bancorp, Inc. does not revise or update these
forward-looking statements to reflect events or changed
circumstances. Please carefully review the risk factors described
in other documents the Northeast Community Bancorp, Inc. files from
time to time with the Securities and Exchange Commission, including
the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Please also carefully review any Current Reports on Form 8-K filed
by Northeast Community Bancorp, Inc. with the Securities and
Exchange Commission.
NorthEast Community Bancorp, Inc.Kenneth A. Martinek,
914-684-2500Chief Executive Officer