ASHLAND, Ky., Nov. 20, 2013 /PRNewswire/ -- Poage
Bankshares, Inc. (NASDAQ: PBSK) (the "Company" or "Poage
Bankshares") today announced that its Board of Directors approved a
program to repurchase, from time to time and subject to market
conditions, up to 12,650 shares of Company outstanding common stock
through open-market purchases, block trades, negotiated private
transactions and pursuant to a trading plan that will be adopted in
accordance with Rule 10b5-1 under the Securities Exchange Act of
1934 (the "Third Repurchase Program"). The Third Repurchase Program
will commence on November 21, 2013
and terminate prior to the mailing of the proxy statement for the
approval of Poage Bankshare's acquisition of Town Square Financial
Corporation to its stockholders. The Company's stock repurchases
pursuant to the Third Repurchase Program is dependent on certain
factors, including but not limited to, the timing of the mailing of
the Town Square Financial Corporation proxy statement, the timing
of the Town Square Financial Corporation special meeting to approve
the merger agreement, market conditions and prices, available funds
and alternative uses of capital.
In conjunction with the Board's authorization of the Third
Repurchase Program, the Company's Board of Directors terminated the
Company's previous stock repurchase program, initially authorized
on June 11, 2013 (the "Second
Repurchase Program"). The Company terminated the Second Repurchase
Program due to the price limitations on stock repurchases under the
Second Repurchase Program and to facilitate compliance with SEC
rules regarding stock repurchases during the pendency of its
acquisition of Town Square Financial Corporation. Between
June 11, 2013 and November 19, 2013, the Company repurchased 18,961
shares of common stock through the Second Repurchase Program.
Regarding the authorization of the Third Repurchase Program,
Ralph E. Coffman, Jr. stated "Poage
Bankshares is committed to increasing shareholder value over time,
including through purchasing PBSK shares at reasonable market
prices. While we acknowledge that stock repurchases during the
pendency of a merger are limited by SEC rules, we believe this
Third Repurchase Program is a worthwhile endeavor."
The Board of Directors of the Company may authorize a fourth
stock repurchase program following completion of the Town Square
Financial Corporation special meeting.
Company Information
Home Federal Savings and Loan Association, originally chartered
in 1889, is a community financial institution serving Boyd, Greenup
and Lawrence Counties in
Kentucky and Lawrence and Scioto Counties in Ohio. Poage Bankshares, Inc, formed in 2011,
serves as its holding company.
Forward Looking Statements
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, notwithstanding that such statements are not specifically
identified. Words such as "believes," "anticipates," "expects,"
"intends," "targeted," "continue," "remain," "will," "should,"
"may" and other similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements. Forward-looking statements are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
All subsequent written and oral forward-looking statements
concerning the proposed transaction or other matters attributable
to Poage Bankshares, Inc. or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
referenced above. Forward-looking statements speak only as of the
date on which such statements are made. Poage Bankshares, Inc.
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made, or to reflect the occurrence of unanticipated
events.
SOURCE Poage Bankshares, Inc.