1st Colonial Bancorp announces 3% stock repurchase program

1st Colonial Bancorp (FCOB) announced that its board of directors has approved a stock repurchase program, effective January 30, 2025. Under the stock repurchase program, management is authorized to repurchase up to 3% of the company’s outstanding shares of common stock, with a total cost not to exceed $2M. As of Friday, the company had 4,835,906 shares of common stock outstanding. The stock repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice. Robert White, President and CEO noted, “The announcement of our stock buyback plan reflects our continued confidence in our future. Our demonstrated earnings performance has allowed us the ability to buyback shares while maintaining strong capital levels and providing improved returns for our shareholders.”