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RALEIGH, N.C., May 17, 2019 (GLOBE NEWSWIRE) -- West Town Bancorp, Inc. (OTC PINK: WTWB) (the “Company”), parent company of West Town Bank & Trust, announced today that its Board of Directors has authorized a new stock repurchase program under which the Company may repurchase up to 9.9% of its currently issued and outstanding common stock, or approximately 307,079 shares based on the 3,101,810 shares of Company common stock currently outstanding.
Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price, and amount of any repurchase will be determined by the Company in its discretion and will be subject to economic and market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, applicable legal requirements, and other factors. The Company has no obligation to repurchase any shares under this program, and the program may be terminated, suspended, or discontinued at any time.
In commenting on the repurchase program, Eric Bergevin, President and CEO of the Company, said, “The Board of Directors believes the repurchase program is an important option within the Company’s overall capital management strategy and reflects their commitment to maximize shareholder returns and proactively manage capital. The action reaffirms the confidence the Board of Directors has in the Company’s financial strength and gives the Company additional opportunity to provide liquidity to shareholders and increase shareholder value.”
ABOUT WEST TOWN BANCORP, INC.
West Town Bancorp, Inc. is the financial holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank & Trust provides banking services through its two full-service offices located in the greater Chicago area. Primary deposit products are checking, savings, and certificate of deposit accounts, and primary lending products are government guaranteed, residential mortgage, commercial, and installment loans. The Company is also the parent company of Windsor Advantage, LLC, a loan servicing company, and West Town Insurance Agency, Inc., an insurance agency. The Company is registered with, and supervised by, the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC.
For more information, visit https://www.westtownbank.com/
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; fluctuations in the Company’s stock price that may make purchases under the repurchase program less desirable; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values that affect the Company’s financial condition; changes in banking regulations and accounting principles, policies, or guidelines; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the Company’s acquisition and divesture activities; the failure of our strategic investments or acquisitions to perform as anticipated and the impact of any impairments to our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees, and the impact of competition from traditional or new sources. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Contact: Eric Bergevin, (252) 482-4400