ESSA Bancorp, Inc. Announces Authorization for Fourth Stock Repurchase Program
May 27 2011 - 3:20PM
Business Wire
ESSA Bancorp, Inc. (the “Company”) (NASDAQ Global MarketSM
“ESSA”), the holding company for ESSA Bank & Trust (the
“Bank”), announced today that its Board of Directors has authorized
a fourth stock repurchase program to purchase up to an additional
5% of its outstanding shares. The Company will repurchase the
shares from time to time for cash in open market transactions or in
privately negotiated transactions in accordance with applicable
federal securities laws.
In June, 2009, the Company announced that it had completed its
first stock repurchase program, having purchased 2,547,135 shares
at a weighted average cost of $13.14. On October 6, 2010, the
Company announced that it had completed its second stock repurchase
program having purchased 1,499,100 shares at a weighted average
cost of $12.36. In April 2011, the Company announced that it had
completed the third repurchase program having purchased 679,900
shares at a weighted average cost of $12.82.
ESSA Bank & Trust, a wholly-owned subsidiary of ESSA
Bancorp, Inc., has total assets of over $1 billion and is the
leading service-oriented financial institution headquartered in the
greater Pocono, Pennsylvania region. Corporate headquarters are
located in downtown Stroudsburg, Pennsylvania, and the Bank has 17
community offices throughout the Greater Pocono and Lehigh Valley
areas in Pennsylvania. In addition to being one of the region’s
largest mortgage lenders, ESSA Bank & Trust offers a full range
of retail, investment, trust, and commercial financial services.
ESSA Bancorp, Inc. stock trades on The NASDAQ Global MarketSM under
the symbol “ESSA.”
Forward-Looking Statements
Certain statements contained herein are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements may be identified by reference to a
future period or periods, or by the use of forward-looking
terminology, such as “may,” “will,” “believe,” “expect,”
“estimate,” “anticipate,” “continue,” or similar terms or
variations on those terms, or the negative of those terms.
Forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to, those related to the
economic environment, particularly in the market areas in which the
Company operates, competitive products and pricing, fiscal and
monetary policies of the U.S. Government, changes in government
regulations affecting financial institutions, including regulatory
fees and capital requirements, changes in prevailing interest
rates, acquisitions and the integration of acquired businesses,
credit risk management, asset-liability management, the financial
and securities markets and the availability of and costs associated
with sources of liquidity.
The Company wishes to caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. The Company wishes to advise
readers that the factors listed above could affect the Company's
financial performance and could cause the Company's actual results
for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the result of any
revisions, which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
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