Katahdin Trust parent launches $2M stock buyback
File photo / Courtesy, Katahdin Trust
Katahdin Bankshares Corp. is the Houlton-based parent company of Katahdin Trust Co....
Katahdin Bankshares Corp. (OTCQX: KTHN), parent company of community bank Katahdin Trust Co., on Thursday said the company is beginning a buyback of up to $2 million of common stock.
Shares can be sold to Katahdin Bankshares or its employee stock ownership plan on the open market, in block trades, or through private transactions. The Houlton-based company expects the repurchase program to run through Dec. 31, 2022, according to a news release.
The company’s stock has risen about 30% so far this year. Shares were trading at $23.90, unchanged, early Thursday morning.
Founded in 1918, Katahdin Trust has more than $945 million in assets and 16 banking offices that serve Aroostook, Penobscot and Cumberland counties. The bank has nearly 180 employees.
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