HUNTINGTON, Ind., Sept. 26, 2018 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced its intention to purchase up to 5% or 60,316 shares of its current outstanding shares on the open market. These shares will be purchased at prevailing market prices and may include odd lot purchases, depending on market conditions.
Michael S. Zahn, CEO of the Company, indicated that the Board approved the repurchase program after reviewing current market pricing and the capital strength of the Company's subsidiary, First Federal Savings Bank. Mr. Zahn further stated that "the Board of Directors continues to feel our shares are undervalued and that the repurchase of our shares represents an attractive investment opportunity which will benefit the Company and shareholders."
The book value of NIDB's stock was $30.58 per common share as of August 31, 2018. The last reported trade of stock at the close of business on September 25, 2018 was $37.60 per common share and the number of outstanding shares was 1,206,327 as of the same date.
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne (2). The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.bank.
SOURCE Northeast Indiana Bancorp, Inc.