Anchor Bancorp Announces Stock Repurchase Program
18 November 2017 - 9:00AM
Anchor Bancorp (“Company”) (NASDAQ:ANCB), the holding company for
Anchor Bank (“Bank”), today announced that its Board of Directors
has authorized the repurchase of up to 40,000 shares of the
Company’s common stock. In connection with the stock
repurchase plan, the Company’s Board of Directors also adopted a
pre-arranged stock trading plan for the purpose of repurchasing a
limited number of shares of the Company’s common stock in
accordance with guidelines specified under Rule 10b5-1 of the
Securities Exchange Act of 1934. Repurchases under the
Company’s 10b5-1 plan will be administered through an independent
broker. Repurchases are subject to the requirements of the
Securities and Exchange Commission as well as certain price, market
volume and timing constraints specified in the plan.
About Anchor Bancorp
Anchor Bancorp is headquartered in Lacey,
Washington and is the parent company of Anchor Bank, a
community-based savings bank primarily serving Western Washington
through its 10 full-service banking offices (including one Wal-Mart
store location) within Grays Harbor, Thurston, Lewis, Pierce and
Mason counties, and one loan production office located in King
County, Washington. The Company's common stock is traded on the
NASDAQ Global Market under the symbol "ANCB" and is included in the
Russell 2000 Index. For more information, visit the Company's web
site www.anchornetbank.com.
Forward Looking Statements:
Statements in this news release regarding future
events, performance or results are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 (“PSLRA”) and are made pursuant to the safe harbors of the
PSLRA. Actual results could be materially different from
those expressed or implied by the forward-looking statements.
Factors that could cause results to differ include but are not
limited to: increased competitive pressures; the Agreement and Plan
of Merger (“Merger Agreement”) with Washington Federal, Inc. may be
terminated in accordance with its terms, and the merger may not be
completed; termination of the Merger Agreement could negatively
impact us; we will be subject to business uncertainties and
contractual restrictions while the merger is pending; changes in
the interest rate environment; the credit risks of lending
activities, including changes in the level and trend of loan
delinquencies and write-offs that may be impacted by deterioration
in the housing and commercial real estate markets and may lead to
increased losses and nonperforming assets in our loan portfolio,
and may result in our allowance for loan losses not being adequate
to cover actual losses, and require us to materially increase our
reserves; changes in general economic conditions and conditions
within the securities markets; legislative and regulatory changes
and other risks. Additional factors that could cause actual
results to differ materially are disclosed in Anchor Bancorp's
recent filings with the Securities and Exchange Commission,
including but not limited to its Annual Report on Form 10-K for the
year ended June 30, 2017, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. Forward-looking statements are
accurate only as of the date released, and we do not undertake any
responsibility to update or revise any forward-looking statements
to reflect subsequent events or circumstances.
|
Contact:Jerald L. Shaw,
PresidentTerri L. Degner, EVP and Chief Financial
OfficerAnchor Bancorp(360)
491-2250 |
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