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Norwood Financial Corp's board of directors adopted a new stock repurchase program authorizing the company to buy back up to 550,000 shares of its common stock, the company disclosed in an 8-K filed Thursday.
The authorization represents approximately 5% of Norwood Financial's shares issued and outstanding. It replaces and supersedes the repurchase plan the Honesdale, Pennsylvania bank holding company had authorized in 2021.
Norwood Financial (Nasdaq: NWFL), the parent of Wayne Bank, may execute buybacks through open market or private transactions and through block trades.
Purchases may also be made pursuant to a trading plan adopted in compliance with Rule 10b5-1 of the Securities and Exchange Commission. Any open market purchases will conform to the limitations imposed by Rule 10b-18.
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