Abington Bancorp Announces Stock Repurchase Program.ABINGTON, Mass.--(BUSINESS WIRE)--March 25, 1999--(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 :ABBK) Abington Bancorp, Inc. announced today that its Board of Directors has authorized the Company to repurchase up to 320,000 shares of its currently outstanding common stock (representing 10% of the currently outstanding common stock net of approximately 147,000 shares still authorized to be acquired under the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program announced on February 24, 1998). These repurchases will occur from time to time at prevailing market prices. The Board delegated to the discretion of Bancorp's senior management the authority to determine the timing of the repurchases and the prices at which repurchases will be made. Bancorp is a holding company that operates Abington Savings Bank as a wholly-owned subsidiary. At December 31, 1998, Bancorp's total assets were $591,151,000, stockholders' equity was $33,060,000 or 5.6% of total assets, and book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $9.88. Abington Saving Bank is a Massachusetts-chartered savings bank with offices in Abington, Cohasset, Halifax, Hanson, Holbrook, Hull, Kingston, Pembroke, Randolph, and Whitman. Its deposits are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . |
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