GS Financial Corp. Announces Approval of Stock Repurchase Program and Declaration of Dividend
October 22 2008 - 3:32PM
Business Wire
Albert J. Zahn, Jr., Chairman of the Board of Directors of GS
Financial Corp. (Nasdaq:GSLA), holding company for Guaranty Savings
Bank, announced that the Board of Directors, at its meeting on
October 21, 2008, declared a quarterly cash dividend of $.10 per
share. The dividend is payable to shareholders of record as of
November 4, 2008 and will be paid on November 19, 2008. GS
Financial Corp. also announced today that its Board of Directors at
their meeting on October 21, 2008, approved the commencement of a
stock repurchase program, subject to the approval or non-objection
of the Office of Thrift Supervision for a capital distribution from
Guaranty Savings Bank. The repurchase program provides for the
repurchase of up to 64,250 shares, or approximately 5.0% of GS
Financial Corp.�s outstanding common stock, from time to time, in
open market or privately negotiated transactions. The repurchases,
which are expected to commence in mid-to late-November, will be
made over a one year period, or such longer amount of time as may
be necessary to complete the repurchase plan. Albert J. Zahn,
Chairman of the Board of GS Financial Corp., stated, "With core and
total risk-based capital ratios of 13.2% and 22.4%, respectively,
at June 30, 2008, we are gratified that we are in such position to
declare our regular quarterly cash dividend and implement a stock
repurchase program which will support long term shareholder value."
GS Financial Corp. provides community banking services through its
wholly-owned subsidiary, Guaranty Savings Bank, a Louisiana
chartered savings association, in the metropolitan New Orleans
area. Statements contained in this news release which are not
historical facts may be forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words like �believe,� �expect,� �anticipate,� �estimate�
and �intend� or future or conditional verbs such as �will,�
�would,� �should,� �could� or �may.� We undertake no obligation to
update any forward-looking statements.
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