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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 9: Subsequent Events

 

On July 19, 2017, the Company filed a definitive proxy statement (the "Proxy Statement") with the Securities and Exchange Commission relating to a special meeting of stockholders to be held on August 29, 2017 in order for stockholders to consider the approval of the FSB Bancorp, Inc. 2017 Equity Incentive Plan. The 2017 Equity Incentive Plan would allow the Company the ability to make stock-based awards. Please see Appendix A to the Proxy Statement for a copy of the 2017 Equity Incentive Plan.

 

On July 27, 2017, the Company announced that its Board of Directors had adopted its first stock repurchase program.  Under the repurchase program, the Company may repurchase up to 97,084 shares of its common stock, or approximately 5% of its outstanding shares. Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance.  Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The repurchase program may be suspended, terminated or modified at any time. The repurchase program does not obligate the Company to purchase any particular number of shares.