(RTTNews) - Fifth District Bancorp, Inc. (FDSB), parent of Fifth District Savings Bank, has approved a stock repurchase program for up to 555,947 shares, or 10% of its outstanding stock.
The $74.28 million market-cap company, trading at $13.41 per share and 0.57 times book value, plans to conduct open-market purchases under SEC Rule 10b5-1, depending on market conditions.
The Louisiana bank, which has returned 28% over the past year, has not set a timeline and may suspend or discontinue the program at any time. Founded in 1926, Fifth District Savings Bank operates seven locations across Orleans, St. Tammany, and Jefferson Parishes.
Separately, the company amended CFO Melissa Burns' executive compensation agreement, raising her annual retirement benefit to $94,000 under its Second Amended and Restated Executive Salary Continuation Agreement.
Monday, FDSB closed at $13.41, down 0.30%, and rose after hours to $13.55, up 1.04%, on the NasdaqCM.
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