Auburn National Bancorporation Authorizes Stock Repurchase Program
January 15 2019 - 3:05PM
Auburn National Bancorporation, Inc. (NASDAQ: AUBN) announced today
that the Company’s Board of Directors has approved a stock
repurchase program. The program authorizes the repurchase,
from time to time, of up to $5 million of the Company’s issued and
outstanding common stock through March 2020. The stock
repurchases may be open-market or private purchases, negotiated
transactions, block purchases, and otherwise.
“Today’s announcement reflects our Board’s
confidence in our current and future financial performance.
We believe this stock repurchase program represents an excellent
use of our capital in current market conditions,” said Robert W.
Dumas, the Company’s President, CEO, and Chairman.
The Company is not required to acquire any
specific number of shares and may suspend or terminate its share
repurchases at any time. The amount and timing of the stock
repurchases will be based on various factors, such as management’s
assessment of the Company’s liquidity, the market price of Company
common stock compared to management’s assessment of such stock’s
underlying value, and other applicable regulatory, legal and
accounting factors.
About Auburn National Bancorporation,
Inc.
Auburn National Bancorporation, Inc. (the
“Company”) is the parent company of AuburnBank (the “Bank”), with
total assets of approximately $809 million. The Bank is an Alabama
state-chartered bank that is a member of the Federal Reserve
System, which has operated continuously since 1907. Both the
Company and the Bank are headquartered in Auburn, Alabama. The Bank
conducts its business in East Alabama, including Lee County and
surrounding areas. The Bank operates 8 full-service branches in
Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank
also operates loan production offices in Auburn and Phenix City,
Alabama. Additional information about the Company and the Bank may
be found by visiting www.auburnbank.com.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934, including, without limitation,
statements about future financial and operating results, costs and
revenues, economic conditions in our markets, loan demand, the
amounts and timing of stock repurchases, mortgage lending activity,
changes in the mix of our earning assets (including those
generating tax exempt income) and our deposit and wholesale
liabilities, net interest margin, yields on earning assets,
securities valuations and performance, interest rates (generally
and those applicable to our assets and liabilities), loan
performance, nonperforming assets, other real estate owned,
provision for loan losses, charge-offs, other-than-temporary
impairments, collateral values, credit quality, asset sales,
insurance claims, and market trends, as well as statements with
respect to our objectives, expectations and intentions and other
statements that are not historical facts. Actual results may
differ from those set forth in the forward-looking statements.
Forward-looking statements, with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance, achievements,
or financial condition of the Company or the Bank to be materially
different from future results, performance, achievements, or
financial condition expressed or implied by such forward-looking
statements. You should not expect us to update any
forward-looking statements.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, together with those risks and uncertainties
described in our annual report on Form 10-K for the year ended
December 31, 2017 and otherwise in our other SEC reports and
filings.
For additional information, contact:David A. HedgesEVP, Chief
Financial Officer(334) 821-9200
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