Calumet Bancorp, Inc. to repurchase common stock.DOLTON, Ill.--(BUSINESS WIRE)--Feb. 21, 1995--Calumet Bancorp, Inc. (NASDAQ/NMS:CBCI), the holding company of Calumet Calumet, region, United States Calumet (kăl`y  mĕt'), industrialized region of NW Ind. and NE Ill., along the south shore of Lake Michigan. Federal Savings and Loan Association Federal Savings and Loan AssociationAn institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. of Chicago, today announced its intention to repurchase 140,000 shares of its common stock. Thaddeus Walczak, chairman and chief executive officer of Calumet Bancorp, Inc., said that the Company has been authorized by its Board of Directors to repurchase approximately five percent of the Company's 2,791,632 outstanding shares during the next six months. Mr. Walczak commented, ``We believe that the repurchase will enhance shareholder value by having the effect of increasing the earnings per share and book value of the remaining shares outstanding. With the stock currently trading at approximately 92 percent of its tangible book value of $28.04 per share, the repurchase of our shares represents an excellent long-term investment.'' 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 the stock. Calumet Bancorp, Inc. is the holding company of Calumet Federal Savings and Loan Association of Chicago, which operates five financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. offices in the Chicago area -- in Dolton, Lansing, Sauk Village, and two in southeastern Chicago. The Association's 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. . CONTACT: Calumet Bancorp John Garlanger, 708/841-9010 |
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