1st Colonial Bancorp, Inc. Announces Stock Re-Purchase Program
04 August 2007 - 12:03AM
PR Newswire (US)
COLLINGSWOOD, N.J., Aug. 3 /PRNewswire-FirstCall/ -- 1st Colonial
Bancorp, Inc. (OTC:FCOB) (BULLETIN BOARD: FCOB) announced today
that its Board of Directors has approved a stock re-purchase
program pursuant to which the company may re- purchase up to
$1,000,000 of its outstanding common stock. Under the program,
re-purchases may be made from time to time in the open market or in
privately negotiated transactions at such prices as management of
the Company deems appropriate. 1st Colonial will have the right to
repurchase issued and outstanding shares under this program until
January 31, 2008, unless extended by its Board of Directors. The
repurchased shares will be held as treasury shares available for
issuance in connection with 1st Colonial's stock option plans. Mr.
Gerard M. Banmiller, the President and Chief Executive Officer of
the Company stated: "We believe that this buy back program is an
appropriate use of our capital to enhance shareholder value and
liquidity in our stock." 1st Colonial National Bank, the subsidiary
of 1st Colonial Bancorp, opened in Collingswood in June 2000. The
bank provides a range of business and consumer financial services,
placing emphasis on customer service, access to decision makers and
quick turnaround on credit applications. Its second branch was
opened in Westville in January 2003 and a third branch opened in
Cinnaminson in September 2005. To learn more, call (856) 858-1100
or visit http://www.1stcolonial.com/. DATASOURCE: 1st Colonial
Bancorp, Inc. CONTACT: Gerard M. Banmiller, President and Chief
Executive Officer, 1st Colonial Bancorp, Inc., +1-856-858-1100 Web
site: http://www.1stcolonial.com/
Copyright