The board of S&T Bancorp Inc., the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, authorized a new share repurchase plan at its regular meeting Sept. 16, 2019. This new repurchase authorization, effective through March 31, 2021, permits S&T to repurchase up to $50 million in shares of S&T’s common stock through a combination of open market and privately negotiated repurchases.
The timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a factors like general market conditions, the trading price of the common stock, legal and contractual requirements and S&T’s financial performance.
The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable securities laws.
S&T Bancorp Inc. is a $7.3 billion bank holding company that is headquartered in Indiana, Pennsylvania. Established in 1902, S&T Bank operates in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York.
