ASHEVILLE, N.C., Oct. 5, 2012 /PRNewswire/ -- ASB Bancorp, Inc.
(the "Company") (NASDAQ GM: ASBB) announced today that the
Company's Board of Directors approved a stock repurchase program
whereby the Company may repurchase up to 5%, or 279,228 shares, of
its outstanding common stock either on the open market or through
private transactions, as and when deemed appropriate by management
and under any plan that may be deployed in accordance with Rule
10b5-1 of the Securities Exchange Act of 1934. The Rule 10b5-1
repurchase plan allows the Company to repurchase its shares during
periods when it would normally not be active in the market due to
its internal trading blackout period. The Company expects the share
repurchases to commence on or after October
12, 2012, the one-year anniversary of Asheville Savings
Bank, S.S.B.'s mutual-to-stock conversion.
(Logo: http://photos.prnewswire.com/prnh/20111031/CL96775LOGO
)
ASB Bancorp is the parent company of Asheville Savings Bank,
S.S.B., a North Carolina chartered
stock savings bank with a community focus offering traditional
financial services through 13 full-service banking centers located
in Buncombe, Madison, McDowell, Henderson, and Transylvania counties in Western North
Carolina.
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Contact:
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Suzanne S.
DeFerie
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President
and Chief Executive Officer
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(828)
254-7411
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SOURCE ASB Bancorp, Inc.