MOUNT LAUREL, N.J. - 1st Colonial Bancorp, Inc. (NASDAQ:FCOB), the parent company of 1st Colonial Community Bank, has announced the approval of a new stock repurchase program set to commence on January 30, 2025. The program authorizes the repurchase of up to 3% of the company's outstanding common stock, with spending capped at $2 million. Currently trading at $14.80, InvestingPro analysis suggests the stock is trading above its Fair Value.
As of today, the company reported having 4,835,906 shares of common stock outstanding. The repurchase plan is not committed to acquiring any specific number of shares and may be adjusted, paused, or stopped at any time, according to company statements.
President and CEO Robert White expressed that the decision to initiate a stock buyback reflects the company's confidence in its future and its ability to provide improved returns to shareholders while maintaining strong capital levels. With a market capitalization of $71.94 million and a P/E ratio of 9.02, the company has maintained profitability over the last twelve months, according to InvestingPro data. Unlock additional insights and 2 more exclusive ProTips with an InvestingPro subscription.
The repurchase of shares will be conducted on an opportunistic basis, with transactions potentially occurring in the open market or through privately negotiated deals, adhering to Rule 10b-18 of the Securities Exchange Act of 1934 and other legal requirements. The timing and volume of the buybacks will be at the discretion of the company's management, influenced by factors such as market conditions, stock availability, and the company's financial performance.
1st Colonial Bancorp, Inc. is based in Mount Laurel, New Jersey, and operates 1st Colonial Community Bank, which offers business and consumer financial services. InvestingPro analysis shows the bank maintains a GOOD overall Financial Health Score of 2.51, reflecting its stable operations. The bank emphasizes customer service and accessibility to decision-makers, operating branches in New Jersey and Pennsylvania, with administrative offices in Mount Laurel.
The press release also contained forward-looking statements regarding the company's strategies and potential future financial performance, subject to various factors and uncertainties that could cause actual results to differ. These statements have not been updated since their original publication date.
This news is based on a press release statement from 1st Colonial Bancorp, Inc.
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