American Bancorp of New Jersey, Inc. Announces Application Made to OTS for Stock Repurchases
28 October 2005 - 1:20AM
Business Wire
American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) ("American")
announced today the filing of an application for approval by the
Office of Thrift Supervision ("OTS") to commence a 5% open market
stock repurchase program. OTS regulations require American to
receive approval from the OTS before making stock repurchases
during the first year following its second-step conversion, other
than repurchases to fund a stock benefit plan. No assurance can be
given that American will receive OTS approval of its repurchase
application. American completed its second-step conversion on
October 5, 2005. In the conversion, 9,918,750 new shares were sold
at $10.00 per share and 4,250,719 exchange shares were issued to
the public stockholders of the former middle-tier stock holding
company, resulting in a total of 14,169,469 shares outstanding.
American's common stock began trading on the NASDAQ National Market
on October 6, 2005. Separately, American 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. 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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