HV Bancorp, Inc. Announces Common Stock Repurchase Program
February 23 2021 - 3:59PM
HV Bancorp, Inc. (the “Company”) (Nasdaq Capital Market: HVBC), the
holding company of Huntingdon Valley Bank (the “Bank”) announced
today that the Board of Directors approved a plan to repurchase, in
open market and privately negotiated transactions, up to 100,000
shares of the Company’s outstanding common stock, which may be
adjusted for future stock dividends, stock splits or other similar
transactions. This repurchase plan will supplement the previously
announced repurchase plan which is nearly complete. The Company
believes the repurchase of its stock may increase the return on
equity and the net income per share of the remaining outstanding
shares of common stock and enhance long-term shareholder value. The
purchases are funded with liquidity based on capital levels in
excess of regulatory requirements. These stock repurchases are not
expected to have a material impact on capital levels due to the
consistent nature of the buyback plans. The specific prices,
numbers of shares and timing of purchase transactions will be
determined by the Company from time to time in its sole discretion.
About HV Bancorp, Inc.
HV Bancorp, Inc. (Nasdaq Capital Market: HVBC)
is a bank holding company headquartered in Doylestown, PA. Through
its wholly-owned subsidiary Huntingdon Valley Bank, we primarily
serve communities located in Montgomery, Bucks and Philadelphia
Counties in Pennsylvania and New Castle County in Delaware,
and Burlington County in New Jersey from our executive office,
six full service bank offices and one limited service office. We
also operate four loan production offices in our geographical
footprint.
Forward-Looking Statements
Certain statements contained herein are "forward
looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms. Such
forward-looking statements are subject to risk and uncertainties
described in our SEC filings, which could cause actual results to
differ materially from those currently anticipated due to a number
of factors, which include, but are not limited to, the negative
impact of severe wide-ranging and continuing disruptions caused by
the spread of coronavirus COVID-19 on current operations, customers
and the economy in general, changes in interest rate environment,
increases in nonperforming loans, legislative and regulatory
changes that adversely affect the business of the Company and the
Bank, and changes in the securities markets. Except as required by
law, the Company does not undertake any obligation to update any
forward-looking statements to reflect changes in belief,
expectations or event.
Contact: Joseph C. O’Neill, Jr.,EVP/ Chief Financial
Officer(267) 280-4000
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