Blue Foundry Bancorp, the holding company for Blue Foundry Bank, has announced that it will be repurchasing up to 1,335,126 shares of its common stock, which is approximately 5% of its outstanding common stock
Buybacks
April 25, 2023
April 24, 2023
Blue Foundry Bancorp, the holding company for Blue Foundry Bank, has announced that it will be repurchasing up to 1,335,126 shares of its common stock, which is approximately 5% of its outstanding common stock. This announcement comes as the Company completes its existing stock repurchase program, which was its first since completing its mutual-to-stock conversion and related stock offering in July 2021.
The Company's first stock repurchase program, which was announced on July 20, 2022, authorized the purchase of up to 2,852,250 shares. As of April 18, 2023, 2,723,979 shares of common stock have been repurchased at a cost of $30,240,939, leaving 128,271 shares remaining to be repurchased under this existing program.
The repurchase program permits shares to 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. The timing and amount of any repurchases will depend on a number of factors, including 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 made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
James D. Nesci, President and CEO of the Company, expressed his pleasure in announcing the second repurchase program, stating that "we believe that share repurchases are a prudent use of capital and are happy to have the strong capital position that allows us to be in the market repurchasing our shares."
Members of LevelFields received the alert of this event on April 24, 5:20 PM ET
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