Bar Harbor Bankshares Authorizes Stock Repurchase Program
20 August 2008 - 5:13PM
Business Wire
Bar Harbor Bankshares (the �Company�) (AMEX:BHB) announced today
that its Board of Directors has authorized the repurchase of up to
300,000 shares of the Company�s common stock, or approximately
10.2% of the shares currently outstanding. The new stock repurchase
program will become effective as of August 21, 2008 and continue
for a period of up to twenty-four consecutive months. Depending on
market conditions and other factors, these purchases may be
commenced or suspended at any time, or from time to time, without
prior notice and may be made in the open market or through
privately negotiated transactions. The new stock repurchase program
replaces the Company�s stock repurchase program that had been in
place since February 2004, which had authorized the repurchase of
up to 310,000 or approximately 10% of the Company�s outstanding
shares of common stock. As of August 19, 2008, the date this
program was terminated, the Company had repurchased 288,799 shares
at a total cost of $8,441,545 and an average price of $29.23 per
share. In making the announcement, Joseph M. Murphy, President and
Chief Executive Officer, said, �We believe a new stock repurchase
program represents a wise use of capital at this time and is in the
best interest of our shareholders. We believe our stock is
currently an attractive investment on both a book value and
earnings basis.� In concluding, Mr. Murphy added, �The Company�s
balance sheet and earnings fundamentals are strong and we continue
to exceed regulatory requirements for �well capitalized�
institutions.� Bar Harbor Bankshares is the parent company of its
wholly owned subsidiary, Bar Harbor Bank & Trust. Bar Harbor
Bank & Trust, founded in 1887, provides full service community
banking with twelve branch office locations serving down east and
mid coast Maine. This press release contains certain
forward-looking statements with respect to the business of the
Company for which it claims the protection of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by the use of
words like �expects,� �plans,� �believes,� and other words of
similar meaning. Those statements include, but are not limited to,
all statements regarding intent, beliefs, expectations,
projections, forecasts and plans of the Company and its management,
and specifically include statements regarding the Company's stock
repurchase program. These forward-looking statements involve
numerous risks and uncertainties, including, without limitation:
that the stock repurchase program may not result in the purchase of
any specific number shares or the repurchase of shares at any
particular prices, either because such shares are not available for
purchase on terms or at prices deemed desirable by the Company or
otherwise. One or more of these factors could affect the Company's
business and financial results in future periods and could cause
actual results to differ materially from plans and projections.
Therefore, there can be no assurances that the forward-looking
statements included in this press release will prove to be
accurate. In light of the uncertainties in the forward-looking
statements included herein, the inclusion of such information
should not be regarded as a representation by the Company, or any
other persons, that the objectives and plans of the Company will be
achieved. All forward-looking statements made in this press release
are based on information presently available to the management of
the Company. The Company assumes no obligation to update any
forward-looking statements as a result of new information or future
events or developments.
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