PHILADELPHIA, (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. (Nasdaq: PBIP) announced today that its Board of Directors approved the Company’s fourth stock repurchase program covering up to 407,000 shares or approximately 5% of its issued and outstanding shares of common stock. The Company has completed its third repurchase program, repurchasing all 900,000 shares covered by the program at an average cost of approximately $13.40 per share. The shares covered by the fourth repurchase program may be purchased in the open market or in privately negotiated transactions from time to time depending upon market conditions and other factors over a one-year period or such longer period of time as may be necessary to complete such repurchases.
The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including the market price for the Company’s common stock, and general business and market conditions and applicable legal and regulatory requirements. The stock repurchase program does not obligate the Company to acquire any specific number of shares in any period. There is no guarantee as to the exact number or value of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that management determines additional repurchases are not warranted.
“We are pleased to announce our fourth stock repurchase program, which reflects the Board’s confidence in our future, and our commitment to managing our capital prudently and in a manner which we believe will enhance shareholder value,” said Dennis Pollack, President and Chief Executive Officer. Mr. Pollack went on to say, “As we have indicated previously, we are committed to building long-term shareholder value while effectively managing our capital carefully and prudently in light of market conditions and other factors. Adopting the fourth stock repurchase program is one of the strategies the Board believes is integral to the effective management of our capital. However, especially in light of current market conditions and the continued uncertain economic conditions resulting from the effects of the pandemic, we will proceed carefully and cautiously.”
About Prudential Bancorp, Inc.:
Prudential Bancorp, Inc. is the holding company for Prudential Bank. Prudential Bank is a Pennsylvania-chartered, FDIC-insured savings bank that was originally organized in 1886. The Bank conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as nine additional full-service financial centers, seven of which are in Philadelphia, one in Drexel Hill, Delaware County, and one in Huntingdon Valley, Montgomery County, Pennsylvania. At March 31, 2020, the Company had total assets of $1.3 billion, total liabilities of $1.1 billion and total stockholders’ equity of $132.2 million.
