Bank of Princeton authorizes new stock repurchase program

Bank of Princeton has adopted a new stock repurchase program. Under the 2023 stock repurchase program, management is authorized to repurchase up to 5% of the company’s outstanding shares of common stock, with a total cost not to exceed $10.7M. 5% of the company’s outstanding shares of common stock would be approximately 314,000 shares. Under the program, the company cannot purchase any shares unless the per share purchase price is less than the company’s tangible book value per share. This repurchase program may be modified, extended or terminated by the Board of Directors at any time.