UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 15, 2019
AUBURN NATIONAL BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
Delaware | 0-26486 | 63-0885779 | ||
(State or other jurisdiction of incorporation |
(Commission file number) |
(IRS Employer Identification Number) |
100 North Gay Street, P.O. Drawer 3110, Auburn, Alabama 36831-3110
(Address of principal executive offices)
(334) 821-9200
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events |
On January 15, 2019, the Board of Directors of Auburn National Bancorporation, Inc. (the Company) announced that its Board of Directors has approved a stock repurchase program. The program authorizes the repurchase from time to time, of up to $5 million of the Companys issued and outstanding common stock through March 2020. The stock repurchases may be open-market or private purchases, negotiated transactions, block purchases, and otherwise. The amount and timing of the stock repurchases will be based on various factors, such as managements assessment of the Companys liquidity, the market price of Company common stock compared to managements assessment of such stocks underlying value, and other applicable regulatory, legal and accounting factors. A copy of the press release is attached and incorporated herein by reference as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is furnished herewith:
Exhibit No. |
Exhibit Description | |
99.1 | Press Release, dated January 15, 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 15, 2019 |
Auburn National Bancorporation, Inc. | |||||
By: | /s/ David A. Hedges | |||||
David A. Hedges Executive Vice President and Chief Financial Officer |
Exhibit 99.1
|
For additional information, contact: David A. Hedges EVP, Chief Financial Officer (334) 821-9200 |
Press Release January 15, 2019
AUBURN NATIONAL BANCORPORATION
AUTHORIZES STOCK REPURCHASE PROGRAM
AUBURN, Alabama Auburn National Bancorporation, Inc. (NASDAQ: AUBN) announced today that the Companys Board of Directors has approved a stock repurchase program. The program authorizes the repurchase, from time to time, of up to $5 million of the Companys issued and outstanding common stock through March 2020. The stock repurchases may be open-market or private purchases, negotiated transactions, block purchases, and otherwise.
Todays announcement reflects our Boards confidence in our current and future financial performance. We believe this stock repurchase program represents an excellent use of our capital in current market conditions, said Robert W. Dumas, the Companys President, CEO, and Chairman.
The Company is not required to acquire any specific number of shares and may suspend or terminate its share repurchases at any time. The amount and timing of the stock repurchases will be based on various factors, such as managements assessment of the Companys liquidity, the market price of Company common stock compared to managements assessment of such stocks underlying value, and other applicable regulatory, legal and accounting factors.
About Auburn National Bancorporation, Inc.
Auburn National Bancorporation, Inc. (the Company) is the parent company of AuburnBank (the Bank), with total assets of approximately $809 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates 8 full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates loan production offices in Auburn and Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, costs and revenues, economic conditions in our markets, loan demand, the amounts and timing of stock repurchases, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income) and our deposit and wholesale liabilities, net interest margin, yields on earning assets, securities valuations and performance, interest rates (generally and those applicable to our assets and liabilities), loan performance, nonperforming assets, other real estate owned, provision for loan losses, charge-offs, other-than-temporary impairments, collateral values, credit quality, asset sales, insurance claims, and market trends, as well as statements with respect to our objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements, with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company or the Bank
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AUTHORIZES STOCK REPURCHASE PROGRAM/page 2
to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2017 and otherwise in our other SEC reports and filings.
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