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 stock outstanding.
This program replaces the banking company’s existing 400,000-share buyback program announced two years ago.
Tompkins Financial said in a news release that it expects to complete the new stock-repurchase program over the next 24 months. It said it may buy the shares from time to time in open-market transactions at prevailing market prices, in privately negotiated transactions, or in other ways.
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The banking company’s stock price is up more than 25 percent year to date.
Ithaca–based Tompkins Financial is a financial-services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent of Tompkins Trust, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, and Tompkins Financial Advisors.
Tompkins Trust is the number one bank in the Ithaca metro area — ranked by deposit market share, with a 62 percent share of all market deposits — according to FDIC statistics.
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