Citizens & Northern Says Under Newly Approved Treasury Stock Repurchase Program, Co Authorized To Repurchase Up To 750,000 Shares Of Its Common Stock

- SEC Filing

On September 25, 2023, Citizens & Northern Corporation (the "Company") issued a press release announcing that the Company's Board of Directors approved a new treasury stock repurchase program.  

Announcement of a new treasury stock repurchase program follows the recent completion of a treasury stock repurchase plan authorized by the Board of Directors in April 2016 and amended in February 2021.  Under the newly approved treasury stock repurchase program, the Company is authorized to repurchase up to 750,000 shares of the Company's common stock or slightly less than 5% of the Company's issued and outstanding shares at August 4, 2023.  Consistent with the previous program, the Board of Directors' September 22, 2023 authorization provides that: (1) the new treasury stock repurchase program shall be effective when publicly announced and shall continue thereafter until suspended or terminated by the Board of Directors, in its sole discretion; and (2) all shares of common stock repurchased pursuant to the new program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors including, without limitation, pursuant to the Company's Dividend Reinvestment and Stock Purchase Plans and its equity compensation program.