Community Savings Bankshares, Inc. Announces 5% Stock Repurchase Program.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--August 1, 2000 Community Savings Bankshares, Inc. (the "Company") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced today that the Company's Board of Directors has approved the commencement of the Company's third stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The third stock repurchase program of 460,000 shares, or approximately five percent (5%) of the Company's outstanding common stock, will begin immediately upon completion of the Company's second stock repurchase program. Repurchases will be made by the Company from time to time 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: 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. As of July 31, 2000, 27,687 shares remained to be repurchased pursuant to the Company's second stock repurchase program of 1,005,187 shares. The Company currently expects to complete the second stock repurchase program prior to the end of August 2000. Upon completion of the third stock repurchase program, the Company will have repurchased approximately 20% of the Company's common stock. James B. Pittard, Jr., President and Chief Executive Officer of the Company, stated: "The commencement of the third 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 continue to have the financial flexibility that allows it to demonstrate its commitment to and confidence in its future prospects." Community Savings Bankshares, Inc., a Delaware-chartered stock holding company, is the parent holding company for Community Savings, F. A. Chartered in 1955, the Association is a federal 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. , the deposits of which 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. . 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 in Palm Beach, Martin, St. Lucie St. Lucie may refer to:
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