PROVIDENCE – While several major banks have temporarily suspended their stock buyback programs amid the coronavirus pandemic, HarborOne Bank is launching its own.
The Brockton, Mass.-based bank on Sept. 3 announced its share repurchase program, which will allow the company to buy back up to 5%, or 2.9 million shares, of its common stock.
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Unless otherwise terminated or suspended, the program is set to expire in September 2021, according to a news release.
The launch comes after a host of major national and regional banks, including Citizens Bank, temporarily suspended their existing buyback programs through the second quarter in response to the virus.
Across the country, major companies have also scaled back or stopped buybacks, with S&P 500 companies halving the total money spent on buybacks in the second quarter compared with a year ago, according to S&P Dow Jones Indices.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
