Patriot National Bancorp Inc.”™s board of directors has authorized a new program for the purpose of repurchasing up to 500,000 shares of its common stock.
“This program reflects our commitment to enhance shareholder value and our confidence in the ongoing operating and strategic direction of the company,” said Patriot Chairman Michael Carrazza.
Under the repurchase program, Stamford-based Patriot may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time provided that the company complies with the prohibitions under its Insider Trading Policies and Procedures and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market volume and timing constraints.
Unless amended or extended by Patriot”™s board of directors, the company expects the repurchase program to be in place until July 31, 2017, or until 500,000 of its outstanding shares of common stock have been repurchased, whichever occurs first.
