Meridian Bancorp, Inc. Increases Stock Repurchase Program
November 19 2018 - 4:10PM
Meridian Bancorp, Inc. (the “Company” or “Meridian”) (NASDAQ:
EBSB), the holding company for East Boston Savings Bank (the
“Bank”), announced that it has increased its stock repurchase
program by up to 636,287 shares, or approximately 1.2% of its
outstanding common stock. This amendment to the Company’s current
stock repurchase program announced in August 2015 was adopted
following receipt of a non-objection letter from the Federal
Reserve Bank of Boston. As amended, 637,036 shares are
currently available for repurchase under the Company’s stock
repurchase program.
Shares may be repurchased in open market or
private transactions, through block trades, or 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 subject to the limitations set forth in Rule 10b-18 of the
Securities and Exchange Commission and other applicable legal
requirements.
Repurchases under this authorization may be
suspended, terminated or modified by the Company 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 Company
is not obligated to repurchase any particular number of shares.
Meridian Bancorp, Inc. is the holding company
for East Boston Savings Bank. East Boston Savings Bank, a
Massachusetts-chartered stock savings bank founded in 1848,
operates 36 full-service locations and one mobile branch in the
greater Boston metropolitan area. We offer a variety of deposit and
loan products to individuals and businesses located in our primary
market, which consists of Essex, Middlesex, Norfolk and Suffolk
Counties, Massachusetts. For additional information, visit
www.ebsb.com.
Forward Looking Statements
Certain statements herein constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as “believes,” “will,” “expects,”
“project,” “may,” “could,” “developments,” “strategic,”
“launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These
statements are based upon the current beliefs and expectations of
Meridian Bancorp, Inc.’s 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, general economic conditions,
changes in interest rates, regulatory considerations, and
competition and the risk factors described in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q as filed
with the Securities and Exchange Commission. Should one or more of
these risks materialize or should underlying beliefs or assumptions
prove incorrect, Meridian Bancorp, Inc.’s actual results could
differ materially from those discussed. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release.
Contact: Richard J. Gavegnano, Chairman,
President and Chief Executive Officer(978) 977-2211
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