American Bancorp of New Jersey, Inc. Announces OTS Denial of Application for Stock Repurchases
November 08 2005 - 4:08PM
Business Wire
American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) ("American")
announced today that the Office of Thrift Supervision ("OTS") has
disapproved the Company's recent application to repurchase up to 5%
of its common stock through an open market stock repurchase
program. Separately, American previously announced that it intends
to commence the repurchase of up to 208,293 shares to fund stock
awards previously made under the American Bank of New Jersey 2005
Restricted Stock Plan, which was voted on by stockholders at the
2005 annual meeting. Purchases to fund the restricted stock plan
will be made from time to time in the open market, based on stock
availability, price and American's financial performance. The OTS'
recent action does not affect repurchases to fund the stock benefit
plan. American Bancorp of New Jersey, Inc. is the holding company
for American Bank of New Jersey, a federally chartered stock
savings bank which conducts business from its main office in
Bloomfield, New Jersey and one branch office in Cedar Grove, New
Jersey. The foregoing material contains forward-looking statements
concerning our financial condition, results of operations and
business. We caution that such statements are subject to a number
of uncertainties and actual results could differ materially, and,
therefore, readers should not place undue reliance on any
forward-looking statements. We do not undertake, and specifically
disclaim, any obligation to publicly release the results of any
revisions that may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
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