(SALEM) – Mid-Southern Bancorp, Inc. (NASDAQ – MSVB) (“Company”), the holding company for Mid-Southern Savings Bank, FSB (“Bank”), announced that the Company’s Board of Directors has adopted an additional stock repurchase program. Under the new repurchase program, the Company may repurchase an additional 162,000 shares of its common stock, or approximately 5% of the current outstanding shares.
The Company repurchased 136,670 shares of its outstanding common stock at an average price of $12.42 per share under the stock repurchase plan it adopted on May 27, 2020. There are currently 34,330 shares remaining to be purchased under the previous stock repurchase plan in addition to the 162,000 shares approved by its Board of Directors.
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of
both the Company and its stockholders, subject to the availability of stock, general market conditions, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the SEC’s Rule 10b-18 and other applicable legal requirements.
The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. There is no guarantee as to the exact number of shares that will be repurchased by the Company.
About Mid-Southern Bancorp, Inc.
Mid-Southern Savings Bank, FSB is a federally chartered savings bank headquartered in Salem, Indiana, approximately 40 miles northwest of Louisville, Kentucky. The Bank conducts business from its main office in Salem and through its branch offices located in Mitchell and Orleans, Indiana, and a loan production office located in New Albany, Indiana.