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Mauch Chunk Trust Financial board approves buyback plan

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Mauch Chunk Trust Financial board approves buyback plan

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.