First Seacoast Bancorp, Inc. (the "Company") (Nasdaq Capital Market: FSEA), the holding company for First Seacoast Bank, announced today it has authorized a stock repurchase program for up to 507,707 shares of common stock, representing approximately 10% of shares currently outstanding, to be effective as soon as practicable after the Company files its Quarterly Report on Form 10-Q for the period ending March 31, 2024, with the Securities and Exchange Commission (the "SEC").
The Company intends to conduct the repurchases on the open market, including by means of a trading plan adopted under SEC Rule 10b5-1, subject to market conditions and other factors. There is no guarantee as to the number of shares that the Company may ultimately repurchase. The program will expire 12 months after the effective date, regardless of whether all shares will have been repurchased. The Company may suspend or discontinue the program at any time.
About First Seacoast Bank
First Seacoast Bank is a federally-chartered stock savings bank serving the financial needs of residents of the Seacoast region of New Hampshire. First Seacoast Bank operates four full-service offices in Strafford County, New Hampshire, and one full-service office in Rockingham County, New Hampshire.
Forward-Looking Statements
This press release contains certain forward-looking statements about the stock repurchase program. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include the Company's inability to execute the repurchase program due to stock market conditions or otherwise.
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