AMERIANA TO REPURCHASE UP TO 10% OF ITS OUTSTANDING SHARES.NEW CASTLE, Ind.--(BUSINESS WIRE)--June 19, 1996--Ameriana Bancorp (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. : ASBI ASBI American Segmental Bridge Institute ) today announced that the Company's Board of Directors has approved a new stock buy back program which authorizes the repurchase of up to 10% of the Company's outstanding common stock, or approximately 330,000 shares. This repurchase program will depend on market conditions and, accordingly, there is no guaranty as to the exact number of shares to be repurchased by the Company. Harry J. Bailey, President and Chief Executive Officer of Ameriana Bancorp, stated that the Board of Directors has authorized the expenditure of up to $4.5 million for the repurchase program, which will expire in June 1997. Bailey explained that the Board of Directors considers Ameriana's common stock to be an attractive investment at this time. Share repurchases generally would be effected through open market purchases, he said, although unsolicited negotiated transactions may occur. Under the Board's previous buy back authorization, which expires this month, Ameriana has repurchased approximately 245,000 shares. The total cost of those shares was $3.4 million. At March 31, 1996, Ameriana Bancorp reported total assets of $383.1 million and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $44.6 million, or 11.6% of total assets. Ameriana Bancorp, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ameriana 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 , and Deer Park Deer Park. 1 Uninc. village (1990 pop. 28,840), Babylon town, Suffolk co., SE N.Y., a primarily residential suburb on Long Island. 2 City (1990 pop. 27,652), Harris co., SE Tex. Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , offers an extensive line of banking services through branches in central Indiana and in the greater Cincinnati, Ohio area. Ameriana Bancorp also offers title insurance through Indiana Title Insurance Company. In addition to its banking services, Ameriana Bank, through Ameriana Financial Services, Inc., has an interest in a life insurance company, owns Ameriana Insurance Agency -- a full-service insurance agency, and provides a full line of investments and securities products in its brokerage center. CONTACT: Ameriana Bancorp, New Castle Harry J. Bailey, 317/529-2230 |
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