Blue Foundry Bancorp Announces Second Stock Repurchase Program

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 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.

Previous Repurchase Program and Current Status

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.

Details of the Repurchase 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.

Company's Comments on the Repurchase Program

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

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on dailyopportunities from 6,300 companies monitored 24/7. Act on facts, not opinions,and let LevelFields help you become a better trader.

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.