American Bancorp of New Jersey, Inc. Announces Cash Dividend and Initiation of New Stock Repurchase Program
21 August 2008 - 3:00AM
Business Wire
American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) (the Company),
holding company of American Bank of New Jersey (the Bank),
announced today that its Board of Directors has declared a
quarterly cash dividend of $0.05 per share to stockholders of
record as of September 10, 2008 payable on or about September 24,
2008. The cash dividend is being paid to provide a return to
stockholders. The payment of future dividends will be subject to
the Board's periodic review of the financial condition, earnings,
and capital requirements of the Company and the Bank. The Company
also announced the completion of its stock repurchase program
announced on January 3, 2008 and the initiation of a new program to
repurchase up to an additional 5% of its outstanding shares in the
open market or in privately negotiated transactions. These shares
will be purchased from time to time depending upon market
conditions. As of June 30, 2008, the Company had consolidated total
assets of $630.7 million and stockholders' equity of $90.9 million.
The Bank is a federally chartered stock savings bank which conducts
business from its main office in Bloomfield, New Jersey and its
branch offices in Cedar Grove, Verona, Nutley and Clifton, 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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