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PEOPLES BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM Dec 21 2009

21-Dec-2009

For Immediate Release                                               
                                                                                                 
Symbol:   PBNI

Contact:   Maurice F. Winkler, III     

Phone:     260-925-2500

 

 


PEOPLES BANCORP

ANNOUNCES STOCK REPURCHASE PROGRAM

 

Peoples Bancorp, Auburn, Indiana, (the “Company”) announced its Board of Directors has approved the repurchase of up to 250,000 shares of the Company’s common stock over the next three years.  The Company currently has 2,571,577 shares of common stock outstanding.  The shares will be purchased at prevailing market prices from time to time, depending upon market conditions and regulatory requirements.  The Company reserves the right to discontinue this program at any time due to changes in market conditions or otherwise.

 

Maurice F. Winkler, III, President and Chief Executive Officer of the Company, indicated the Board of Directors believes the repurchase program is in the best interest of the Company and its stockholders in view of the current price level of the Company’s common stock.  Mr. Winkler stated the Company believes the repurchase of our shares is a prudent investment opportunity, which will benefit the Company and its stockholders.  The repurchased shares will become treasury shares.

 

At September 30, 2009, the Company had total assets of $487,843,033 and stockholder’s equity of $60,871,932.  The Company’s common stock is traded on Pink Sheets under the symbol PBNI.

 

Peoples Bancorp, through its subsidiary, Peoples Federal Savings Bank, operates fifteen full-service offices located in Auburn, Avilla, LaGrange, Garrett, Kendallville, Topeka, Waterloo, Howe, Middlebury, and two in Columbia City in Indiana; and Three Rivers (two offices), Schoolcraft, and Union in Michigan.