What’s Going on with Meridian Corporation?
Yesterday, Aug. 30, Meridian Corporation (MRBK) announced that the company’s Board of Directors has authorized a $6 million increase to its stock repurchase plan. The repurchase plan was adopted on April 22, 2021. The aim of the plan is to now repurchase as much as $20 million of Meridian Corporation’s outstanding common stock over a two-year period. During extended-hours trading this morning, MRBK shares rose 4.13% to $30.00 per share.
What Does This Mean for MRBK?
Meridian Bank is a community bank that serves the Pennsylvania, New Jersey, Delaware and Maryland areas. "Along with initiating our dividend program last year, the repurchase program affirms our goal to enhance shareholder value," Meridian Corporation CEO Christopher J. Annas explained. "We intend to repurchase our common stock to the extent we believe that our stock price makes repurchases an attractive use of capital."
In its current form, Meridian Corporation’s repurchase plan “equates to an increase of approximately 490 thousand shares or an additional 8% of the outstanding shares as of June 30, 2021.” Common stock repurchases may be carried out through open market purchases, as well as privately negotiated transactions, including repurchase plans.
MRBK has a Short-Term Technical Rank of 93. Find out what this means to you and get the rest of the rankings on MRBK!
Meridian Corp is a full-service, state-chartered commercial bank providing personal, business lending and deposit services. It operates in three business segments including Bank, Wealth and Mortgage. The Bank segment consists of commercial and retail banking. Mortgage division consists of mortgage consultant's guide. It mortgage portfolio includes commercial mortgage, home equity, residential mortgage, construction, commercial, industrial, and consumer loans.
