MCT authorizes stock repurchase
The board of directors of Mauch Chunk Trust Financial Corp. authorized the repurchase of up to 150,000 shares (4.9%) of the corporation’s outstanding common stock.
The repurchase program is set to expire after Dec. 31, 2019, unless sooner terminated or extended.
Repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on market conditions and other requirements. Shares repurchased will be held by the corporation as treasury shares available for future issuance.
Mauch Chunk Trust Financial Corp. is the parent company of Mauch Chunk Trust Company, a community bank with seven offices in Carbon and Schuylkill counties. On March 31, the corporation had total assets of $449.8 million and shareholders’ equity of $39.9 million.
Incorporated in 1902, Mauch Chunk Trust is the successor institution to the Second National Bank of Mauch Chunk established in 1864. For more information on Mauch Chunk Trust visit www.mauchchunktrust.com