Howard Bancorp announces stock repurchase program
Howard Bancorp announced that it has received a non-objection letter from the Federal Reserve Bank of Richmond to allow the company to repurchase shares of its common stock. Under the repurchase program, management is authorized to repurchase an aggregate amount of up to $7M of the outstanding shares of the company's common stock. The program will expire in December of 2020. Under the stock repurchase program, shares of common stock may be repurchased by the company from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations or through a 10b5-1 trading plan under the Exchange Act, which would permit shares to be repurchased when the company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.