DUNMORE, Pa., May 18, 2022 (GLOBE NEWSWIRE) — Fidelity D&D Bancorp, Inc. (NASDAQ: FDBC) (the “Company”), announced that the Board of Directors has approved a purchase plan, in over-the-counter and over-the-counter transactions, up to 3% of its outstanding common shares. In announcing the plan, Daniel J. Santaniello, president and chief executive officer of Fidelity D&D Bancorp, Inc., said the board of directors believes the opportunity to purchase common stock of the company represents a interesting opportunity for the company and its shareholders. Purchases should be financed using excess capital available. This plan replaces all previously announced buyback plans.
About Fidelity D&D Bancorp, Inc.
Fidelity D&D Bancorp, Inc. and its wholly-owned subsidiary, The Fidelity Deposit and Discount Bank (“Fidelity Bank”) have built a strong history as a trusted financial advisor to clients served with 22 full-service offices in across Lackawanna, Lucerne and Northampton counties, as well as the Minersville office of Fidelity Bank Wealth Management in Schuylkill County. Fidelity Bank offers a digital and virtual experience through online banking and mobile app, digital services and digital account opening. Additionally, Fidelity Bank offers full-service trust and investment departments, a mortgage center, and a range of personal and commercial banking products and services. Part of the company’s vision is to serve as a better bank for the community, which has been accomplished by providing nearly 3,137 volunteer hours and more than $1.8 million in donations to nonprofit organizations. profit directly in the markets served throughout 2021. The company continues its mission to exceed customer expectations through a unique banking experience, providing 24/7 service to customers through branches, by online at www.bankatfidelity.com and through the Customer Care Center at 800-388-4380.
Caution Regarding Forward-Looking Statements
Some of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and similar expressions are intended to identify such forward-looking statements.
Actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:
- the short-term and long-term effects of inflation and rising costs on the Company, its customers and on the economy;
- the effects of economic conditions, in particular with respect to the adverse impact of severe, widespread and ongoing disruption caused by the spread of coronavirus disease 2019 (COVID-19) and any other pandemic, epidemic or other crisis related to the health and responses thereto on current customers and the Company’s operations, in particular the effect of the economy on the ability of borrowing customers to repay their loans;
- the costs and effects of litigation and unexpected or adverse results of such litigation;
- the impact of new or changed laws and regulations, including tax, banking, securities and insurance laws and regulations and their application with which the Company and its subsidiaries must comply;
- the impacts of capital and liquidity requirements of Basel III standards and other regulatory statements, regulations and rules;
- government monetary and fiscal policies, as well as legislative and regulatory changes;
- the short and long term effects of the federal budget and tax negotiations and their effect on economic and business conditions;
- the effect of changes in accounting policies and practices, as they may be adopted by regulatory bodies, as well as the Financial Accounting Standards Board and other accounting standard setters;
- the risks of changes in interest rates on the level and composition of deposits, the demand for loans and the value of loan guarantees, securities and interest rate protection agreements, as well as interest rate risks. ‘interest ;
- the effects of competition from other commercial banks, thrift companies, mortgage companies, consumer finance companies, credit unions, stock brokerage firms, insurance companies, money market and other mutual funds investment companies and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, as well as those competitors offering banking products and services by mail, telephone, computer and Internet;
- technological changes;
- disruption or breach of security of our information systems, ever-changing cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom, including additional costs, reputational damage, regulatory penalties and financial losses;
- acquisitions and integration of acquired businesses;
- failure of assumptions underlying the establishment of loan loss reserves and estimates of values of collateral and various financial assets and liabilities;
- inflation, stock market and currency fluctuations and volatility;
- acts of war or terrorism;
- disruption in credit and equity markets; and
- the risk that our analyzes of these risks and strengths will be incorrect and/or that the strategies developed to deal with them will fail.
The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyzes only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
|Daniel J. Santaniello
President and CEO