Harleysville Financial Corporation (the “Company”) (OTCQX: HARL) announced today that the Board of Directors has approved the commencement of a new stock repurchase program (“Repurchase Program”) of up to 188,000 shares or approximately 5% of the Company’s outstanding shares of common stock. The Repurchase Program will commence immediately following the completion of the Company’s current repurchase program, which has approximately 63,560 shares remaining for repurchase.
Repurchases are authorized to be made by the company from time to time in open-market transactions as, in the opinion of management, market conditions warrant. The repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Brendan J. McGill, President and Chief Executive Officer, stated, “The Company’s strategy is to maintain a strong balance sheet, practice sound capital management and build long-term value for our shareholders.”
Harleysville Financial Corporation is traded on the OTCQX market under the symbol HARL ( http://www.otcmarkets.com ) and is the holding company for Harleysville Bank. Established in 1915, Harleysville Bank is a Pennsylvania chartered and federally insured savings bank, headquartered in Harleysville, PA. The Bank operates from six full-service offices located in Montgomery County and one office located in Bucks County, Pennsylvania.
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