UB Bancorp Announces Board Approval to Increase Share Repurchase Program

GREENVILLE, N.C.--(BUSINESS WIRE)--UB Bancorp (OTCQX: UBNC) (the “Company”), the parent of Union Bank, is pleased to announce that its Board of Directors has authorized increasing the capacity of its share repurchase program. In December of 2020, the Board announced its authorization for the repurchase of up to 1.5% of the Company’s common shares outstanding. As the Company approaches successful completion of this initial repurchase program, the Board has allocated an additional $2.0 million for share repurchases. The expiration of this additional share repurchase program is set for March 31, 2022.

This share repurchase program does not obligate the Company to purchase any shares. UB Bancorp will acquire these shares in the open market, making its program available to shareholders on an equitable basis. Actual repurchases will be subject to the availability of stock in the marketplace, general market conditions, and trading price, as well as consideration of alternative uses for the capital and the Company’s financial performance.

Rob Jones, President and Chief Executive Officer, stated, “Management and the Board of Directors believe that repurchasing shares in this current market is an effective way to utilize and maximize our shareholders’ capital. We will continue to evaluate the best use of our capital given our financial position as well as other alternatives to deploy our capital to the benefit of our shareholders.”

UB Bancorp and Union Bank are headquartered in Greenville, North Carolina and operate 14 branches located in 11 counties throughout Eastern and Central North Carolina. The Company’s stock is traded on the OTCQX Markets under the symbol UBNC. The Bank’s website is www.unionbanknc.com.