SALEM – Mid-Southern Bancorp, Inc. (NASDAQ – MSVB) (“Company”), the holding company for Mid-Southern Savings Bank, FSB (“Bank”), announced today that the Company’s Board of Directors has expanded the number of shares eligible for repurchase under its previously adopted stock repurchase program. Under the expanded repurchase program, the Company may repurchase an additional 142,000 shares of its common stock or approximately 5% of the current outstanding shares.
The Company repurchased 277,352 shares of its outstanding common stock at an average price of $14.08 per share under the stock repurchase plan it adopted on August 26, 2020, and amended on November 17, 2021. Under the program as amended, there are currently 34,648 shares remaining to be purchased. With the expansion, there are a total of 176,648 shares remaining to be purchased as approved by the 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 loan production offices located in New Albany, Indiana, and Louisville, Kentucky.
