Mauch Chunk Trust Financial Corp.'s board authorized a plan to buy back up to 150,000 common shares, or 4.9%, of the Jim Thorpe, Pa.-based company's outstanding stock.
The company's CEO may direct the amount of the repurchases. However, any transaction involving an aggregate purchase price of more than $100,000 will be subject to prior board approval.
Repurchases may be conducted through open-market purchases or privately negotiated transactions, from time to time.
The repurchased shares will be held as treasury shares available for future issuance.
The repurchase program will expire Dec. 31.
