Bedford Bancshares, Inc. receives regulatory approval for stock bonus plan.BEDFORD, Va.--(BUSINESS WIRE)--May 30, 1995--Harold K. Neal, Executive Vice President and CEO of Bedford Bancshares, Inc., 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 , announced today that it had received the necessary approvals from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. ("OTS") necessary to implement the Corporation's Recognition and Retention Plan. The Corporation intends to purchase up to 50,255 shares of Common Stock to be distributed in accordance with the plan as approved by the stockholders at the Meeting of Stockholders on January 25, 1995. It is anticipated that such shares of Common Stock will be purchased in open market and privately negotiated transactions from time to time during the next six months. Bedford Federal Savings Bank is a federally chartered stock savings bank headquartered in Bedford, Virginia. The Bank has three branch offices located in Bedford, Moneta and Forest, Virginia. The Bank's deposits are federally 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. ("FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). "). The Bank is a community-oriented, full service retail savings bank offering traditional deposit, mortgage and consumer loan products. The Corporation's Common Stock is traded on the 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 National Market under the symbol "BFSB." CONTACT: Bedford Federal Savings Bank, Bedford H.K. Neal, CEO or J.W. Smith, CFO, 703/586-2590 |
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