Gouverneur Bancorp, Inc. Announces Stock Repurchase Program
July 15 2009 - 7:41AM
PR Newswire (US)
GOUVERNEUR, N.Y., July 15 /PRNewswire-FirstCall/ -- Gouverneur
Bancorp, Inc. (OTC:GOVB) (BULLETIN BOARD: GOVB) (the "Company"),
today announced that it has received approval from the Office of
Thrift Supervision for permission to pay a $250,000 dividend
payment from Gouverneur Savings and Loan Association (the "Bank")
to the Company for the purpose of repurchasing publicly held shares
of its common stock. Richard F. Bennett, President and Chief
Executive Officer of the Company said, "Our stock is currently
trading at a substantial discount to book value. Book value per
share at June 30, 2009, was approximately $9.45 and our stock is
currently trading at less than 70% of that book value. Therefore,
we anticipate that the implementation of a stock repurchase program
will be accretive to book value per share. This stock repurchase
presents a good value to the Company and our stockholders." The
Company announced that it expects to commence the stock repurchase
within the next few weeks, subject to market conditions and the
availability of stock at satisfactory prices. The Company, which is
headquartered in Gouverneur, New York, is the holding company for
Gouverneur Savings and Loan Association. Founded in 1892, the Bank
is a federally chartered savings and loan association offering a
variety of banking products and services to individuals and
businesses in its primary market area in southern St. Lawrence and
northern Lewis and Jefferson Counties in New York State. Statements
in this news release contain forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. These statements are based on the beliefs of management as
well as assumptions made using information currently available to
management. Since these statements reflect the views of management
concerning future events, these statements involve risks,
uncertainties and assumptions. These risks and uncertainties
include among others, the impact of changes in market interest
rates and general economic conditions, changes in government
regulations, changes in accounting principles and the quality or
composition of the loan and investment portfolios. Therefore,
actual future results may differ significantly from results
discussed in the forward-looking statements due to a number of
factors, which include, but are not limited to, factors discussed
in the documents filed by the Company with the Securities and
Exchange Commission from time to time. DATASOURCE: Gouverneur
Bancorp, Inc. CONTACT: Robert J. Twyman, Vice President and Chief
Financial Officer of Gouverneur Bancorp, Inc., +1-315-287-2600
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