ITHACA, N.Y. — Tompkins Financial Corp. (NYSE: TMP) announced last 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. The program replaces the banking company’s previous 400,000 share-buyback initiative announced on July 22, 2016.
Tompkins Financial also announced that the board approved payment of a regular quarterly cash dividend of 48 cents a share, payable on Aug. 15, to common shareholders of record on Aug. 1.
Tompkins Financial said in a news release that the new stock-repurchase program is expected to be completed over the next two years. The Ithaca–based banking company may buy back the shares from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means that meet federal securities laws. The timing, number, and value of shares repurchased under the program will depend on a number of factors, including the market price of the company’s stock, general market and economic conditions, and applicable legal requirements.
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Tompkins Financial is a financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Tompkins Financial is parent to Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, Tompkins VIST Bank, Tompkins Insurance Agencies, Inc., and offers wealth-management services through Tompkins Financial Advisors.
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