Citizens Bancorp Announces Stock Repurchase Program.FRANKFORT, Ind.--(BUSINESS WIRE)--May 4, 1999-- Citizens Bancorp (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company ) (the "corporation") announced today that the board of directors has approved the repurchase, from time to time, on the open market of up to 5 percent of the corporation's shares of common stock, without par value ("common stock"), or 50,255 such shares. Such purchases will be made subject to market conditions in open market or block transactions. Repurchases may begin as early as May 5, 1999, since the required regulatory clearance has been received. According to Fred W. Carter, president of the corporation, the board believes that the corporation's shares are currently undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. by the market and that open market purchases will have the potential effect of enhancing the book value per share and the potential for growth in earnings per share of the corporation's remaining outstanding shares. Citizens Bancorp (OTC "Electronic Bulletin Board" Symbol "CIBC"), an Indiana corporation, is the holding company for Citizens 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. of Frankfort, a 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 located in Frankfort, Ind. |
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