Alliance Bank and Alliance Bancorp, Inc. of Pennsylvania Announce Completion of Stock Offering.BROOMALL, Pa. -- Alliance Bank (the "Bank") (Nasdaq/Capital Market:ALLB) today announced the completion of the offering of shares of common stock of its mid-tier holding company, Alliance Bancorp, Inc. of Pennsylvania (the "Company"). In the offering, the Company sold 1,807,339 shares at a purchase price of $10.00 per share. In addition, the Company issued 5,417,661 shares of common stock in exchange for former outstanding shares of Alliance Bank. Each share of the Bank's common stock was converted into 2.09945 shares of the Company. Shares of the Company are expected to trade on or about Wednesday, January 31, 2007, on the Nasdaq Global Market. For the initial 20 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. they will trade under the symbol "ALLBD" and thereafter, the symbol "ALLB". The offering was managed by Sandler O'Neill & Partners, L.P. and Elias, Matz, Tiernan & Herrick L.L.P. acted as special counsel to Alliance Bancorp, Inc. of Pennsylvania and Alliance Bank. The Bank is a Pennsylvania-chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. headquartered in Broomall, Pennsylvania Broomall is a census-designated place (CDP) in Delaware County, Pennsylvania, United States. The population was 11,046 at the 2000 census. The community was named after John Martin Broomall, a 19th century U.S. congressman from the area. and conducts business through nine full service offices in Delaware and Chester Counties Chester County is the name of several counties in the United States:
This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Bank's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Bank's reports filed from time-to-time with 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. , including the Bank's Form 10-KSB for the year ended December 31, 2005 and the Company's Prospectus, dated November 13, 2006, describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. , changes in credit quality and interest rate risks associated with the Company's business and operations. Forward-looking statements speak only as of the date they are made. The Bank does not undertake to update forward-looking statements to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. |
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