350 EVERGREEN EMPLOYEES AWARDED $840,000 IN STOCK OPTION OPPORTUNITIES.GLENS FALLS Glens Falls, city (1990 pop. 15,023), Warren co., E central N.Y., in the foothills of the Adirondack Mts. and on the Hudson River; settled 1762, inc. as a city 1908. Major industries include lumber, paper, and electronics. A navy training center is there. , N.Y.--(BUSINESS WIRE)--Nov. 25, 1997--Under a program first announced on December 5, 1996, employees of Evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. Bancorp, Inc. (Nasdaq/NM:EVGN), who were awarded stock options known as Opportunity Shares, may exercise those options at any time between now and December 5, 2006. With options on about 146,000 shares to some 350 employees at a price of $15.75 per share, the total value of the award is over $760,000, based on yesterday's closing bid price of Evergreen's stock of $21 per share. George W. Dougan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Evergreen, commented, "Our goal was to reward employees for past performance and to encourage them to maintain a high level of enthusiasm going into the future. In less than a year, our stock price has reached its target, reflecting the dedication of our employees and the Company's success. As a result, employees now can enjoy the rewards when they so choose." On December 5, 1996, Evergreen awarded Opportunity Shares to all eligible employees equal to 20% of the employee's base pay, or a minimum of 200 shares for full-time staff and 100 shares for part-time staff. The award was performance-based in that Evergreen employees could exercise their options after the Corporation's stock price increased $5.00 per share from the closing price of $15.75 on November 26, 1996, and closed at or above that price for three consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. . Those conditions were met on November 24, 1997, when Evergreen's stock closed at $21 per share. "I am very pleased that the staff of Evergreen is able to share in our Company's success. Evergreen is one of only a few banks in the country to have initiated this type of program for all employees but, as you can see, everyone wins when employees feel a sense of ownership and purpose while aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. their interests with those of our other shareholders," Dougan concluded. Through its banking subsidiary, Evergreen Bank, NA, Evergreen Bancorp, Inc., operates 27 banking offices in the following counties of upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. : Albany, Clinton, Columbia, Renssalaer, Saratoga, Schenectady, Warren, and Washington. Evergreen Bancorp is headquartered in Glens Falls, New York Glens Falls is a city in Warren County, New York, United States. It is part of the Glens Falls, New York Metropolitan Statistical Area. The population was 14,354 at the 2000 census. The name is derived from the large waterfall in the Hudson River at the southern base of the city. , and had total assets of $992.6 million at September 30, 1997. CONTACT: Evergreen Bancorp Inc., Glens Falls George W. Dougan, 518/792-1151 |
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