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MINEOLA, Texas - Texas Community Bancshares , Inc. (NASDAQ:TCBS), the parent company of Broadstreet Bank, SSB, has launched a new stock repurchase program. The board has authorized the buyback of up to 153,083 shares, representing about 5% of its outstanding common stock as of February 25, 2025. The $46.61 million market cap company’s stock is currently trading near its 52-week high of $16.49, according to InvestingPro data.
This announcement follows the company’s recent completion of over 85% of its prior repurchase program, which targeted 161,316 shares. The repurchases are planned to occur on the open market, potentially under a SEC Rule 10b5-1 trading plan, or through privately negotiated transactions, depending on market conditions and other considerations. The stock has demonstrated strong momentum, posting an 18.8% return over the past year despite challenging market conditions.
The company has stated that there is no assurance on the precise number of shares it will buy back. Moreover, Texas Community Bancshares has emphasized its intention to maintain the financial flexibility necessary to support ongoing investments in its core operations. The new stock repurchase program is subject to change and may be halted or terminated at any time.
The repurchase strategy is part of the company’s broader commitment to enhancing shareholder value while managing capital efficiently. The information regarding the new stock repurchase program is based on a press release statement from Texas Community Bancshares, Inc.
In other recent news, Texas Community Bancshares, Inc. has announced changes to its board of directors. Two members, Clifton D. Bradshaw and Robert L. Smith, III, have decided not to stand for re-election at the 2025 Annual Meeting of Stockholders. The company has clarified that their departures are not due to any disagreements with its operations, policies, or practices. To address the impending vacancies, Texas Community Bancshares plans to reduce the size of its board accordingly upon the expiration of the directors’ terms. This strategic move is part of the company’s ongoing adjustments in its governance structure. The changes are expected to take effect immediately following the annual meeting. The company has made this information public as part of its regular reporting obligations under the Securities Exchange Act of 1934. Texas Community Bancshares has also chosen not to utilize the extended transition period for new financial accounting standards compliance.
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