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EverTrust Financial Group Announces Fourth Stock Repurchase Plan.

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EVERETT, Wash.--(BUSINESS WIRE)--July 10, 2001

EverTrust Financial Group, Inc. (Nasdaq:EVRT) today announced that its Board of Directors has authorized the Company to repurchase up to 691,492 shares, or 10%, of the outstanding common stock.

Stock repurchase plans are a key component of the Company's capital management plan to increase book value per share and work toward building long-term value for our shareholders. The Company has purchased a total of 2.1 million shares of its common stock since initiating the first repurchase plan in January 2000, at an average cost of $11.66 per share, and recently completed the repurchase of 768,324 shares under a plan authorized in January 2001.

EverTrust Financial Group anticipates the repurchases will begin in August 2001 and be completed in six to 12 months, subject to market conditions and other factors. The Company expects repurchases will be made through open-market broker transactions. No shares will be repurchased directly from directors or officers of the Company and its subsidiaries. Continuing repurchases and future plans are intended to comply with SEC safe harbor rules.

EverTrust Financial Group is a financial services holding company that serves the Puget Sound region through its Commercial Mortgage Banking Group in Tacoma, EverTrust Asset Management office in Seattle, EverTrust Financial Center in Bellevue, and EverTrust Bank branches in Snohomish County.

For additional information, visit EverTrust Financial Group at www.EVRTonline.com.
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Publication:Business Wire
Date:Jul 10, 2001
Words:236
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