NSTS Bancorp Extends Stock Repurchase Program to Enhance Value for Stockholders
NSTS Bancorp, Inc., the stock holding company of North Shore Trust and Savings, has announced the extension of its stock repurchase program. The program, which authorizes the repurchase of up to 269,898 shares of the Company’s outstanding common stock, represents approximately 5.0% of the Company’s currently outstanding common stock.
The previous program expired on September 29, 2023, and the extended program will be in effect until September 30, 2024, unless terminated earlier. As of October 5, 2023, NSTS Bancorp has already repurchased 152,681 shares at an average price of $8.88 per share, leaving an additional 117,217 shares authorized for repurchase.
Stephen G. Lear, President and CEO of NSTS Bancorp, expressed confidence in the extension of the stock repurchase program, stating that it will enhance the company’s ability to efficiently manage its capital and create value for its stockholders. The repurchase of shares may occur through open market purchases or privately negotiated transactions, subject to applicable laws and regulations.
NSTS Bancorp, Inc. operates from its headquarters and main banking office in Waukegan, Illinois, with two additional full-service branch offices located in Waukegan and Lindenhurst, Illinois. With over 100 years of service, North Shore Trust and Savings has established deep relationships with its businesses, retail customers, and local municipalities.
While forward-looking statements are made, NSTS Bancorp acknowledges the uncertainties and contingencies inherent in business operations. The company does not undertake any obligation to update these statements to reflect future events or circumstances.
In conclusion, NSTS Bancorp’s extension of the stock repurchase program demonstrates its commitment to enhancing value for its stockholders. With a strong presence in the local communities it serves, the company continues to foster relationships and provide reliable banking services.