Catskill Financial Announces 10% Share Repurchase Program and Quarterly Cash Dividend.CATSKILL, N.Y.--(BUSINESS WIRE)--Aug. 18, 1999-- (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 : CATB)--Catskill Financial Corporation (the "Company"), the parent of Catskill 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. , announced today that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase of up to 394,000 shares, or approximately 10% of its outstanding shares. The repurchases will be made from time to time, in open market transactions, depending on market conditions. The Company recently completed the 10% repurchase program announced on April 21, 1999. In all, 436,034 shares were repurchased at a cost of $7.1 million, or $16.29 per share. The Company also announced the declaration of a quarterly cash dividend of $.11 per share. The dividend will be payable on September 17, 1999, to shareholders of record as of the close of business September 1, 1999. The dividend equates to a payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. of 39.3% of diluted earnings per common share of $.28 for the quarter ended June 30, 1999. Wilbur J. Cross, Chairman, President, and Chief Executive Officer of Catskill Financial Corporation, stated that "this repurchase of our shares continues to benefit the Company and our shareholders. The stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, along with this cash dividend, is representative of the Board of Directors' ongoing efforts to enhance shareholder value." Catskill Financial Corporation is a unitary thrift holding company, whose only subsidiary is Catskill Savings Bank. Catskill Savings Bank operates five full service banking offices, and is the largest banking institution headquartered in Greene County, New York Greene County is a county located in the U.S. state of New York. Its name is in honor of the American Revolutionary War general, Nathanael Greene. Its county seat is Catskill. . |
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