Blue Foundry Bancorp Launches Its Sixth Stock Buyback Initiative
Blue Foundry Bancorp Launches Its Sixth Stock Buyback Initiative
Blue Foundry Bancorp (NASDAQ: BLFY) recently made an exciting announcement about its sixth stock repurchase program. This program has been authorized by the Company’s Board of Directors and allows for the repurchase of up to 1,082,533 shares of common stock, amounting to approximately 5% of the outstanding shares. The new buyback initiative kicked off on June 20, 2025.
Successful History of Stock Repurchases
Since initiating its first repurchase program in July 2022, Blue Foundry Bancorp has successfully acquired 7,798,723 shares. This figure represents an impressive 27.3% of its common stock at a weighted average price of $10.09. As of March 31, 2025, the tangible book value per share stood at $14.81, showcasing a solid return on investment for shareholders.
Mechanics of the Repurchase Program
The current repurchase program enables shares to be acquired either through open market transactions or private deals. The timing and scale of these repurchases will depend on several factors such as market conditions, stock availability, and overall company performance. Open market purchases will comply with SEC regulations, ensuring that all transactions are conducted lawfully and responsibly.
Management's Commitment to Shareholders
James D. Nesci, the President and CEO of Blue Foundry Bancorp, expressed his enthusiasm regarding the new stock repurchase program. He emphasized that the Company has had significant success with its previous programs, which allowed for share buybacks at prices significantly lower than the tangible book value. This strategy is viewed as a sound approach to utilizing capital effectively while offering value to shareholders.
About Blue Foundry Bancorp
Blue Foundry Bancorp functions as the parent company for Blue Foundry Bank, which prides itself on being a dynamic and innovative financial institution. The bank has been a key player in the community for over 145 years, committed to providing tailored financial solutions. Based in Rutherford and serving multiple counties, Blue Foundry Bank caters to both individual and business clients with a range of essential services to help them achieve their financial goals.
Commitment to Community and Customers
The history of Blue Foundry Bank reflects a dedication to fostering economic growth and providing invaluable banking services to its customers. It operates with the philosophy that sustainable growth emerges from supporting local communities. The bank values innovation, adapting to the evolving financial landscape while maintaining strong ties to its regional clientele.
Frequently Asked Questions
What is the purpose of Blue Foundry Bancorp's stock repurchase program?
The program is designed to repurchase shares to enhance shareholder value and demonstrate confidence in the company's financial health.
How many shares are being repurchased in the latest program?
The latest program allows for the repurchase of up to 1,082,533 shares of common stock.
What has been the impact of previous stock repurchase programs?
Previous programs have successfully resulted in the repurchase of 7,798,723 shares, significantly reducing the number of outstanding shares and increasing shareholder value.
Who is the CEO of Blue Foundry Bancorp?
James D. Nesci is the President and CEO of Blue Foundry Bancorp, guiding the company in its strategic initiatives including stock repurchases.
What differentiates Blue Foundry Bank from other financial institutions?
Blue Foundry Bank focuses on tailored products and services aimed at meeting the unique needs of individuals and businesses within their communities, alongside a commitment to innovation.
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