Bedford Bancshares, Inc. Announces Stock Repurchase.BEDFORD, Va.--(BUSINESS WIRE)--Jan. 19, 1998--Bedford Bancshares, Inc., (Nasdaq:BFSB BFSB Bahamas Financial Services Board BfSB Battlefield Surveillance Brigade (US Army) ) the holding company of Bedford 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 , has announced its intention to repurchase up to 229,790 shares of its currently outstanding common stock. Mr. Harold K. Neal, President and Chief Executive Officer, said that Bedford Bancshares' Board of Directors, at a meeting on January 15, 1999, authorized the repurchase of up to 10% of its 2,297,900 common shares currently outstanding. The repurchase will be made in open-market transactions Open-Market Transaction An order placed by an insider, after all appropriate documentation has been filed, to buy or sell restricted securities openly on an exchange. Notes: subject to the availability of stock. Repurchased shares become authorized but unissued shares and will be utilized for general corporate and other purposes, including the issuance of shares in connection with the exercise of stock options. Bedford Federal Savings Bank is headquartered in Bedford, Virginia Bedford is an independent city located within the confines of Bedford County in the U.S. state of Virginia. It serves as the county seat of Bedford County. As of the 2000 census, the city had a total population of 6,299. and operates through its main office and two branch offices. |
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