Printer Friendly

JEFFERSON SAVINGS BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM

 BALLWIN, Mo., Jan. 7 /PRNewswire/ -- Jefferson Savings Bancorp Inc. (NASDAQ: JSBA) announced today that it is commencing another stock repurchase program to acquire up to 212,800 shares of the company's common stock, which represents approximately 5 percent of the outstanding common stock. The company has previously repurchased 214,050 shares of common stock. The repurchased shares will be held as treasury stock and will be available for issuance upon the exercise of outstanding stock options and for other corporate purposes. The repurchase program will be dependent upon market conditions and the availability of shares and there is no guarantee as to the exact number of shares to be repurchased by the company.
 David V. McCay, chairman of the board, president and chief executive officer of Jefferson Savings Bancorp explained that by issuing shares of treasury stock upon the exercise of stock options granted under the company's 1993 stock option and incentive plan, the company hopes to avoid future dilution of stockholders' value. McCay stated that the board of directors also believes that the company's common stock provides an attractive investment, and that the repurchase will improve liquidity in the market for the company's common stock. In addition, the repurchases are expected to increase per share earnings and book value.
 According to McCay, the repurchases generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases.
 -0- 1/7/94
 /CONTACT: Paul J. Milano of Jefferson Savings Bancorp, 314-227-3000/
 (JSBA)


CO: Jefferson Savings Bancorp Inc. ST: Missouri IN: FIN SU:

MC -- DV002 -- 0145 01/07/94 12:14 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 7, 1994
Words:273
Previous Article:MICHIGAN SETS RECORD EMPLOYMENT AND WORK FORCE LEVELS IN 1993
Next Article:OREGON PIPER JAFFRAY INCOME INDEX
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters