Blue Foundry Bancorp announces 1.3M share stock repurchase program

Blue Foundry Bancorp announced that it has adopted a program to repurchase up to 1,268,382 shares of its common stock, which is approximately 5% of its outstanding common stock. This is the Company’s third stock repurchase program since completing its mutual-to-stock conversion and related stock offering in July 2021. The Company’s previous stock repurchase programs provided for a total of 4,187,376 shares to be repurchased. As of August 16 there were 250 shares remaining to be repurchased under the second plan. The third plan will commence immediately upon the completion of the second plan. The repurchase program permits shares to be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period. James D. Nesci, President and CEO of the Company, remarked that, “We are pleased to announce our third repurchase program. We believe that share repurchases are a prudent use of capital and are pleased to have the strong capital position that allows us the ability to purchase stock.”