Pinnacle Bancshares, Inc. Approves Plan to Buy Back Common Stock
01 October 2014 - 8:01AM
Business Wire
Pinnacle Bancshares, Inc. (OTCBB: PCLB) (the “Company”) today
announced its intent to repurchase up to 60,000 shares of the
Company’s common stock. The repurchase program is equal to
approximately 5% of total shares outstanding. At June 30, 2014, the
Company had total assets of $225.6 million and total stockholders’
equity of $24.0 million.
The Company intends to repurchase its shares from time to time
at then prevailing prices in the open market, in block
transactions, in unsolicited privately negotiated transactions, or
in such other manner as will comply with applicable laws and
regulations.
The repurchase program will be dependent upon market conditions,
and there is no guarantee as to the exact number of shares to be
repurchased by the Company. The repurchase program will occur over
a period of up to 12 months beginning October 15, 2014, as a means
of further enhancing stockholder value. The stock repurchase
program does not obligate the Company to acquire any particular
amount of common stock, and it may be terminated or suspended at
the Company’s discretion.
Robert B. Nolen, Jr., President and Chief Executive Officer of
the Company, stated, “Our balance sheet and strong capital position
provide us the flexibility to repurchase these shares as a capital
management strategy to maximize stockholder value.”
Pinnacle Bancshares, Inc. is the bank holding company for
Pinnacle Bank, an Alabama-chartered commercial bank with seven
offices in central and northwest Alabama. The Company’s common
stock trades on the OTC Bulletin Board under the symbol “PCLB.”
Information contained in this press release, other than
historical information, may be considered forward-looking in nature
and is subject to various risks, uncertainties, and assumptions.
Should one or more of these risks or uncertainties materialize, or
should the underlying assumptions prove incorrect, actual results
may vary materially from those anticipated, estimated or expected.
The Company undertakes no duty to update any forward-looking
statement to conform the statement to actual results or changes in
the Company’s expectations.
Pinnacle Bancshares, Inc.Robert B. Nolen, Jr.,
205-221-4111President and CEO
Pinnacle Bancshares (PK) (USOTC:PCLB)
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