Advantage Bancorp Inc. to buy back up to 5 percent of stock over 6 months.KENOSHA Kenosha (kĭnō`shə), industrial city (1990 pop. 80,352), seat of Kenosha co., SE Wis., a port of entry on Lake Michigan; inc. 1850. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Nov. 11, 1996--Advantage Bancorp Inc. will repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to 5 percent of its common stock outstanding during the six months beginning Nov. 13, 1996, announced Paul P. Gergen, chairman and chief executive officer. This is Advantage's ninth buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program since becoming a public company in March 1992 when it sold 4,125,000 shares at $9.20 per share. The shares will be purchased at prevailing market prices from time to time depending upon market conditions. Advantage presently has approximately 3,277,000 shares outstanding. The repurchased shares will become treasury shares and will be used for issuance of shares in connection with the exercise of stock options and other general corporate purposes. Gergen further stated, "We believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the company and its shareholders." During its eighth buyback program which commenced June 11, 1996, Advantage repurchased 169,300 shares at an average price of $32.91 per share. Since June 1992, Advantage has repurchased a total of 996,000 shares at an average price of $20.61. As of Sept. 30, 1996, Advantage had total assets of $1.02 billion and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $88.9 million. CONTACT: Advantage Bancorp Inc., Kenosha Paul P. Gergen, 414/658-5525 John Stampfl, 414/658-5531 |
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