1ST BANCORP announces repurchase of 5% of outstanding common stock.VINCENNES, Ind.--(BUSINESS WIRE)--Aug. 16, 1996--The Board of Directors has approved the repurchase of up to 5% of the outstanding shares of common stock of 1ST BANCORP during the next two year time period. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 1ST BANCORP Chairman C. James McCormick, the Board believes the Corporation's shares are from time to time undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by the market and that open market purchases will have the effect of enhancing the book value per share and the potential for growth in earnings per share of the Corporation's remaining outstanding shares. Shares will be repurchased in open market or block transactions. Currently, the Corporation has 670,131 shares of common stock outstanding. 1ST BANCORP (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FBCV FBCV Federação Brasileira de Carro à Vela ) is a holding company whose subsidiaries include First Federal Bank, A Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , First Financial Insurance Agency, Inc., and First Title Company. The Bank operates a retail banking office in Vincennes, Indiana and operates loan production offices in Indianapolis and Evansville, Indiana, suburbs of Cincinnati, Dayton, and Cleveland, Ohio, and Louisville, Kentucky. CONTACT: 1ST BANCORP, Vincennes Frank Baracani, 812/882-4528 |
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