ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) announced Friday that its board of directors has authorized a new stock repurchase program of up to 400,000 shares of the company’s common shares outstanding.
This buyback program replaces the company’s previous 400,000 share repurchase program announced on July 20, 2018.
During 2019, Tompkins Financial repurchased 376,021 common shares at an average price of $79.43 per share. In 2018, the banking company bought back 32,483 common shares at an average price of $75.36 per share. The stock is currently trading above $88 a share.
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Tompkins Financial says it expects to complete the new stock repurchase program over the next 24 months. The shares may be bought from time to time in open-market transactions at prevailing market prices, in privately negotiated transactions, or by other methods allowed by federal securities laws, the company said.
The actual timing, number and value of shares repurchased under the program will be determined by Tompkins Financial management and will depend on factors, including stock price, general market and economic conditions, and applicable legal requirements.
Tompkins Financial is a financial-services firm, with more than $6.7 billion in total assets, serving the Central, Western, and Hudson Valley regions of New York and the Southeastern part of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent of Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, and Tompkins Insurance Agencies, Inc. It also offers wealth-management services through Tompkins Financial Advisors.
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