Magyar Bancorp, Inc. announced the completion of its stock repurchase program authorized on December 8, 2022. Under this program, the company repurchased 337,146 shares at an average price of $12.23 per share.
Following the completion, the Board of Directors authorized a new stock repurchase program. This new program allows the company to repurchase up to an additional 5% of its outstanding shares, which amounts to up to 323,547 shares.
The timing of these repurchases will depend on various factors, including market conditions, the company's liquidity requirements, and alternative uses of capital. Any shares repurchased will be held as treasury stock, available for general corporate purposes, and are intended to enhance shareholder value.
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