Cullman Bancorp, Inc. Adopts Stock Repurchase Program
October 19 2022 - 9:20AM
Business Wire
Cullman Bancorp, Inc. (the “Company”) (Nasdaq:CULL), the holding
company for Cullman Savings Bank, announced that its Board of
Directors has adopted a stock repurchase program. Under the
repurchase program, the Company may repurchase up to 550,000 shares
of its common stock, or approximately 7.5% of the current
outstanding shares.
Repurchases will be made no sooner than the termination of the
Company’s regular trading blackout period, and consistent with the
Company’s trading policies.
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management’s discretion at prices
management considers to be attractive and in the best interests of
both the Company and its stockholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company’s financial
performance. Open market purchases will be conducted in accordance
with the limitations set forth in Rule 10b-18 of the Securities and
Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the Company
to purchase any particular number of shares.
About Cullman Bancorp, Inc.
The Company is a Maryland corporation based in Cullman, Alabama.
The Company’s banking subsidiary, Cullman Savings Bank, opened in
1887 and currently operates three full-service offices in Cullman,
Alabama and one full-service office in Hanceville, Alabama.
Forward-Looking Statements
Certain statements contained herein constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
are intended to be covered by the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by words such as “may,” “will,” “would,”
“intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,”
“continue,” or similar terms or variations on those terms, or the
negative of those terms. These statements are based upon the
current beliefs and expectations of Company management and are
subject to significant risks and uncertainties. Actual results may
differ materially from those set forth in the forward-looking
statements as a result of numerous factors. Factors that could
cause such differences to exist include, but are not limited to:
the effects of any pandemic disease, natural disaster, war, act of
terrorism, accident, or similar action or event; those related to
the real estate and economic environment, particularly in the
market areas in which the Company operates; fiscal and monetary
policies of the U.S. Government; inflationary matters; changes in
government regulations affecting financial institutions, including
regulatory compliance costs and capital requirements; fluctuations
in the adequacy of loan loss reserves; decreases in deposit levels
necessitating increased borrowing to fund loans and investments;
operational risks including, but not limited to, cybersecurity,
fraud and natural disasters; the risk that the Company may not be
successful in the implementation of its business strategy; changes
in prevailing interest rates; credit risk management;
asset-liability management; and other risks described in the
Company’s filings with the Securities and Exchange Commission,
which are available at the SEC’s website, www.sec.gov.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers that the
factors listed above or other factors could affect the Company’s
financial performance and could cause the Company’s actual results
for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
disclaims any obligation to publicly release the results of any
revisions, which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20221019005679/en/
John A. Riley, III President and Chief Executive Officer (256)
734-1740
Cullman Bancorp (NASDAQ:CULL)
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