Seneca Bancorp, Inc. (OTCQX: SNNF) announced on October 19, 2026, the adoption of a stock repurchase program. Under the authorization, the company may repurchase up to 144,411 shares of its common stock, representing approximately 8.0% of its currently outstanding shares.
This marks the company's first stock repurchase program since completing its second step conversion and related stock offering in October 2025. Repurchases are expected to commence after the company publicly releases its results of operations for the three and nine months ended September 30, 2026.
The company indicated that shares may be repurchased through open market or private transactions, block trades, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of the company and its stockholders.
The timing and amount of share repurchases under this authorization may be suspended, terminated, or modified by the company at any time for any reason, including market conditions, the cost of repurchasing shares, and alternative uses for capital. The company is not obligated to repurchase any specific number of shares or any shares within a specific time period.
