West Town Bancorp, Inc. announces share buyback program
RALEIGH, North Carolina, May 17, 2019 (GLOBE NEWSWIRE) – West Town Bancorp, Inc. (OTC PINK: WTWB) (the “Company”), parent company of West Town Bank & Trust, today announced that its Board of Directors has authorized a new share buyback program under which the Company may buy back up to 9.9% of its currently issued and outstanding ordinary shares, i.e. approximately 307,079 shares based on the 3,101,810 common shares of the Company currently outstanding.
Purchases made under the Program will be made either on the open market or as part of privately traded transactions from time to time, as permitted by federal securities laws and other legal requirements. The time, manner, price and amount of any redemption will be determined by the Company at its discretion and will be subject to economic and market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, applicable legal requirements, and other factors. The Company has no obligation to repurchase shares under this program, and the program may be terminated, suspended or discontinued at any time.
Commenting on the buyback program, Eric Bergevin, President and CEO of the Company, said: “The Board of Directors believes that the buyback program is an important option as part of the overall capital management strategy of the Company and reflects its commitment to maximizing shareholder returns and proactively managing Capital. The action reaffirms the board’s confidence in the financial strength of the company and gives the company an additional opportunity to provide liquidity to shareholders and increase shareholder value.
ABOUT WEST TOWN BANCORP, INC.
West Town Bancorp, Inc. is the financial holding company of West Town Bank & Trust, a chartered bank in the State of Illinois. West Town Bank & Trust provides banking services through its two full-service offices located in the greater Chicago area. The main deposit products are chequing accounts, savings accounts and certificates of deposit, and the main lending products are government guaranteed loans, residential mortgages, commercial loans and installment loans. The Company is also the parent company of Windsor Advantage, LLC, a loan services company, and West Town Insurance Agency, Inc., an insurance agency. The Company is registered with and supervised by the Federal Reserve. The principal regulators of West Town Bank & Trust are the Illinois Department of Financial and Professional Regulation and the FDIC.
For more information visit https://www.westtownbank.com/
Important Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements concerning the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time of preparation of this press release. These statements can be identified by the use of words such as “expect”, “anticipate”, “estimate”, “believe”, variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements, as a number of important factors could cause actual results to differ materially from those of forward-looking statements. Factors that may cause a difference include, but are not limited to: changes in national and local economies or market conditions; fluctuations in the price of the Company’s shares which may make purchases under the buyback program less desirable; changes in interest rates, deposit flows, loan demand and asset quality, including real estate and other collateral values that affect the financial position of the Company; changes in banking regulations and accounting principles, policies or guidelines; failure to achieve cost or income savings or to implement integration plans and other consequences associated with the Company’s acquisition and disposal activities; the failure of our strategic investments or acquisitions to be made as planned and the impact of any impairment of our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees and the impact of competition from traditional or new sources. These factors, and others that may arise, could cause actual decisions and results to differ materially from current expectations. The Company assumes no obligation to revise, update or clarify any forward-looking statements to reflect events or conditions after the date of this release.