DUNN, N.C., Oct. 02, 2020 (GLOBE NEWSWIRE) — Select Bancorp, Inc. (the “Company” NASDAQ: SLCT), the holding company for Select Bank & Trust Company, announced today that its Board of Directors has approved a new stock repurchase plan. Under the new plan, the Company is authorized to repurchase up to 875,000 outstanding shares of its common stock. The Company may repurchase shares on the open market or through privately negotiated transactions. The new plan replaces a stock repurchase plan previously announced in September 2019 that authorized the Company to repurchase up to 937,248 outstanding shares of its common stock. The Company has repurchased all 937,248 shares authorized under the prior plan at an average price of $9.85 per share.
President and Chief Executive Officer William L. Hedgepeth II stated, “We are pleased that the Company’s historical financial performance and well-capitalized status give us the potential to return value to our