PDL Community Bancorp to repurchase up to 923,151 common shares
PDL Community Bancorp announced that its board of directors has adopted a share repurchase program effective March 25, 2019. Under the repurchase program, the company may repurchase up to 923,151 shares of its common stock, or approximately 5% of the current outstanding shares, which will be used to fund the grants of restricted stock units and stock options made under the company's 2018 Long-Term Incentive Plan. The repurchases will be made in accordance with a pre-arranged stock repurchase plan adopted by the company in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, as well as from time to time through privately negotiated transactions at prevailing market prices, depending on market conditions. Repurchases under the company's 10b5-1 plan, administered through an independent broker, are subject to SEC regulations as well as certain market volume, price and timing limitations as set forth in the 10b5-1 plan. Repurchased shares will be held by the company as Treasury shares until used to fund the restricted stock units and option grants. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire September 24, 2019.