Community Savings Bankshares, Inc. Receives Regulatory Approval to Repurchase 1,005,187 Shares of Common Stock.
Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV) announced today that it has received regulatory approval from the Office of Thrift Supervision ("OTS") to repurchase up to 10% (1,005,187 shares) of its issued and outstanding shares of common stock beginning on the one-year anniversary of its second step conversion (i.e., December 15, 1999). The OTS approval allows the Company to repurchase those shares from December 15, 1999 through December 14, 2000.
Repurchases are authorized to be made by the Company from time to time in open-market transactions as, in the opinion of management, market conditions warrant. The repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding the recently adopted 1999 Stock Option Plan
James B. Pittard, Jr., President and Chief Executive Officer of the Company, stated: "Our new stock repurchase program reflects management's continued belief that the current price of the Company's common stock does not adequately reflect the Company's long-term business and earnings prospects. The use of our cash will continue to be balanced with other internal and external investment opportunities while maximizing the use of existing assets and resources to generate shareholder value. The Company is fortunate to have the financial flexibility that allows it to demonstrate its commitment to and confidence in its future prospects."
Bankshares, a Delaware corporation, is the parent holding company for Community Savings, F. A. (the "Association"), a federally chartered stock savings and loan association. Headquartered in North Palm Beach, Florida, the Association serves customers throughout Palm Beach, Martin, St. Lucie and Indian River counties from 20 full-service offices and a loan production office.
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 10, 1999|
|Previous Article:||PacketPort.com, Inc. Starts Trading Under the Symbol "PKPT".|
|Next Article:||Graco Increases Regular Quarterly Dividend.|