Community Savings Bankshares, Inc. Receives Regulatory Approval to Repurchase 1,005,187 Shares of Common Stock.
NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 10, 1999--
Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced today that it has received regulatory approval 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 See Office of Thrift Supervision. ") 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 Stock repurchase
A firm's repurchase of outstanding shares of its common stock. 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 savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public.
The first U.S. savings and loan association was founded in 1831. . Headquartered in North Palm Beach, Florida North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. The population was 12,064 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 12,645. , the Association serves customers throughout Palm Beach, Martin, St. Lucie and Indian River counties from 20 full-service offices and a loan production office.