Katahdin Bankshares announces $2M stock buyback

Courtesy / Katahdin Trust Katahdin Trust Co., based in Houlton, has more than $966 million in assets.

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Katahdin Bankshares Corp. (OTCQX: KTHN), the parent company of Houlton-based Katahdin Trust Co., will buy back up to $2 million of its own shares this year after getting the green light from its board of directors.

Outstanding shares of common stock may be repurchased by the company and may be purchased by Katahdin Trust's Employee Stock Ownership Plan, or ESOP.

All buyback transactions may be initiated at the discretion of the company or the ESOP, subject to market conditions and other considerations, according to a Dec. 30 news release.

Repurchases or ESOP purchases may be made in the open market, through block trade or through privately negotiated transactions, the company said.

Katahdin Bankshares included the disclaimer that share purchases may commence or be suspended at any time without prior notice, and there can be no assurances as to how many shares it will repurchase, if any, or at what prices any purchases will be made.

Katahdin Trust, founded in 1918, has more than $966 million in assets on its books and 16 banking offices that serve Aroostook, Penobscot and Cumberland counties.

Katahdin Trust is ranked No. 15 among Maine-based banks in the 2023 Mainebiz Book of Lists, based on assets as of June 30, 2022.