First Conneticut Bancorp ((Nasdaq:FBNK),) parent of Farmington Bank annoucned a stock buyback plan for up to 10% of its outstanding shares. The company has recived regulatory approval to purchase up to 1,788,020 shares. The bank shares last sold for $13.50 per share and the 52 week range has been between $10.41 and $14.21 per share.
The banking company has a current market value of $226 milllion and $1.7 billion in assets and pays a 12 cent per share dividend, yield a current return ofÂ approximately .09%.
FCP has 18 branches in Central Connecticut but has expanded loan operations throughout Connecticut. The bank was first establishedÂ in 1851 but was taken public in June of 2011 at 11.00 per share, under CEO John J. Patrick Jr.
Patrick had been a regional president for TD Bank in Connecticut before taking over the helm of Farmington Bank.
See Press Release
t Bancorp, Inc. Adopts Stock Repurchase Plan
FARMINGTON, Conn., July 2, 2012 (GLOBE NEWSWIRE) -- First Connecticut
Bancorp, Inc. (the "Company") (Nasdaq:FBNK), today announced that it
has adopted and received regulatory approval to repurchase up to
1,788,020 shares, or 10% of the current outstanding shares. Repurchases
may be made from time to time in open-market or negotiated transactions
as deemed appropriate by the Company and will depend on market
conditions. Open market purchases will be conducted in accordance with
the limitations set forth in Rule 10b-18 of the Securities and Exchange
Commission and other applicable legal requirements. Any repurchased
shares will be held as treasury stock and will be available for general
corporate purposes, including the funding of the Company's equity
incentive plan, if approved by shareholders at the Company's 2012
Annual Meeting of Shareholders on July 11, 2012.
"We are pleased to announce our first buyback program as a public
company" said John J. Patrick, Jr., Chairman, President and Chief
Executive Officer of First Connecticut Bancorp, Inc.
First Connecticut Bancorp, Inc. is the holding company for Farmington
Bank, a full-service community bank with 18 branch locations throughout
central Connecticut. Established in 1851, Farmington Bank is a
diversified consumer and commercial bank with an ongoing commitment to
contribute to the betterment of the communities in our region.
Farmington Bank has assets of $1.7 billion as of March 31, 2012. For
more information on Farmington Bank, visit farmingtonbankct.com.
The First Connecticut Bancorp, Inc. logo is available at
Forward Looking Statements
This press release may contain certain forward-looking statements about
the Company. Forward-looking statements include statements regarding
anticipated future events and can be identified by the fact that they
do not relate strictly to historical or current facts. They may or may
not include words such as "believe," "expect," "anticipate,"
"estimate," and "intend" or future or conditional verbs such as "will,"
"would," "should," "could," or "may." Forward-looking statements, by
their nature, are subject to risks and uncertainties. Certain factors
that could cause actual results to differ materially from expected
results include increased competitive pressures, changes in the
interest rate environment, general economic conditions or conditions
within the securities markets, and legislative and regulatory changes
that could adversely affect the business in which the Company and its
subsidiaries are engaged.
CONTACT: Jennifer H. Daukas
Investor Relations Officer
One Farm Glen Boulevard, Farmington, CT 06032
|< Prev||Next >|