Mauch Chunk Trust Corp. authorizes stock repurchase

The Board of Directors of Mauch Chunk Trust Financial Corp. authorized the repurchase of up to 150,000 shares (4.9%) of the corporation’s outstanding common stock.

The chief executive officer of the corporation may direct the repurchases at times and in amounts determined by him to be prudent, except that any transaction involving an aggregate purchase price to be paid by the corporation of more than $100,000 will be subject to the separate prior approval of the corporation’s board of directors.

The board of directors has provided for the repurchase program to expire after Dec. 31, 2020, unless sooner terminated or extended.

Repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on market conditions and other requirements. Shares repurchased will be held by the corporation as treasury shares available for future issuance.

The repurchase program does not obligate the corporation to purchase any dollar amount or number of shares and the corporation may suspend, modify, extend or terminate the program at any time.

Mauch Chunk Trust Financial Corp. is the parent company of Mauch Chunk Trust Company, a community bank with seven offices in Carbon and Schuylkill Counties. On Dec. 31, 2019, the corporation had total assets of $440.1 million and shareholders’ equity of $40.7 million.

Incorporated in 1902, Mauch Chunk Trust is the successor institution to the Second National Bank of Mauch Chunk established in 1864. For more information on Mauch Chunk Trust visit www.mauchchunktrust.com