INDIANA, Pa., Jan. 25,
2023 /PRNewswire/ -- The Board of Directors of
S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company
for S&T Bank with operations in Pennsylvania and Ohio authorized an extension of its
$50 million share repurchase plan,
which was set to expire on March 31,
2023, at its regular meeting held January 25, 2023. This repurchase authorization
permits S&T to repurchase shares of S&T's common stock
through a combination of open market and privately negotiated
repurchases up to the previously authorized $50 million in aggregate value. The plan has
$29.8 million of remaining capacity
and will expire on March 31, 2024.
The specific timing, price, and quantity of repurchases will be at
the discretion of S&T and will depend on a variety of factors,
including 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 laws.
About S&T Bancorp, Inc. and S&T Bank
S&T
Bancorp, Inc. is an $8.9 billion bank
holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global
Select Market under the symbol STBA. Its principal subsidiary,
S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. S&T Bank was recently named by
Forbes as a 2022 Best-in-State Bank. S&T Bank also
received the highest ranking in customer satisfaction for retail
banking in the Pennsylvania region
by J.D. Power in 2022. For more information visit
stbancorp.com or stbank.com. Follow us on
Facebook, Instagram and LinkedIn.
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SOURCE S&T Bancorp, Inc.