Katahdin Trust parent announces $2M share buyback

File photo Katahdin Trust Co., based in Houlton, has more than $1 billion in assets.

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Katahdin Bankshares Corp. (QTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., plans to buy back up to $2 million of its own shares in 2024.

Outstanding shares of common stock may be repurchased by the company and purchased by Katahdin Trust's Employee Stock Ownership Plan by Dec. 31, according to a news release.

Any transactions may be initiated at the company’s or ESOP’s discretion, subject to market conditions and other factors. Repurchases or ESOP purchases may be made in the open market, through block trades or through privately negotiated transactions.

Share purchases may be commenced or suspended at any time without prior notice, and the company says there are now assurances about how many shares will repurchased, if any, or at what prices the purchases will be made, according to the Jan. 5 announcement.

The company's board of directors authorized the repurchase program, but can alter it at any time, including to change the announced share authorization level or to extend or terminate the share buyback program.

Katahdin Trust, founded in 1918, has more than $1 billion in assets and 16 banking offices serving customers in Aroostook, Penobscot and Cumberland counties.

It is ranked No. 16 among the largest Maine-based banks in the recently published 2024 Mainebiz Book of Lists, based on assets as of June 30, 2023.