Bridge Bancorp Inc. Reaffirms Stock Repurchase Program.Business Editors BRIDGEHAMPTON, N.Y.--(BUSINESS WIRE)--Feb. 13, 2003 Bridge Bancorp Inc., (the "Company") (NASDAQ/OTCBB:BDGE), the holding company for The Bridgehampton National Bank (the "Bank"), announced that on February 12, 2003, its Board of Directors reaffirmed the Company's Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program and approved the repurchase of up to 5% of its common shares outstanding from time to time in the open market or through private purchases, depending on market conditions. This reaffirmation and approval brings the number of shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. for repurchase to 205,899. The repurchased shares will be used for general corporate purposes. Prior to the February 12, 2003 reaffirmation of the Program, the Company had purchased 167,590 shares including shares purchased under prior Programs. Commenting on the stock repurchase approval, Thomas J. Tobin, President and Chief Executive Officer stated, "Our stock repurchase program permits us to utilize stock repurchases as well as quarterly dividend payouts to return capital to our shareholders. We believe that Company shares are a good investment and a sound use of Company funds." The Bridgehampton National Bank is the oldest independent commercial bank headquartered on the South Fork South Fork may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . Bridgehampton National Bank is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. and an Equal Opportunity Employer equal opportunity employer An employer or enterprise that does not discriminate against a job candidate, or subject him/her to adverse exclusionary criteria, based on race, sex, religion, or national origin. See Equal employment opportunity. . This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services. |
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