Territorial Bancorp Inc. Adopts Fifth Repurchase Program
December 02 2013 - 7:45PM
Territorial Bancorp Inc., (Nasdaq:TBNK) (the "Company"),
headquartered in Honolulu, Hawaii, the holding company parent of
Territorial Savings Bank, announces that its Board of Directors has
adopted a fifth stock repurchase program. Under this
repurchase program, the Company may repurchase up to 300,000 shares
or approximately 3% of the current outstanding shares.
Allan S. Kitagawa, Chief Executive Officer of the Company,
stated that "we are pleased to announce our fifth stock repurchase
plan. The Board of Directors believes this repurchase plan furthers
the long term interest of the Company's shareholders."
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management's discretion at prices
management considers to be attractive and in the best interests of
both the Company and its stockholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company's financial
performance. Open market purchases will be conducted in
accordance with the limitations set forth in Rule 10b-18 of the
Securities and Exchange Commission and other applicable legal
requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the
Company to purchase any particular number of shares.
Certain statements herein constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
"believes," "will," "expects," "project," "may," "could,"
"developments," "strategic," "launching," "opportunities,"
"anticipates," "estimates," "intends," "plans," "targets" and
similar expressions. These statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. Actual results may
differ materially from those set forth in the forward-looking
statements as a result of numerous factors. Factors that could
cause such differences to exist include, but are not limited to,
general economic conditions, either nationally, internationally or
in our market areas, that are worse than expected, changes in
interest rates, regulatory considerations, and competition and the
risk factors described in the Company's annual report on Form 10-K
for the year ended December 31, 2012, as filed with the Securities
and Exchange Commission, as updated through filings with the
Securities and Exchange Commission and other releases issued by the
Company from time to time. Should one or more of these risks
materialize or should underlying beliefs or assumptions prove
incorrect, the Company's actual results could differ materially
from those discussed. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release.
Territorial Savings Bank is a federally chartered savings bank
that was originally chartered in 1921 by the Territory of
Hawaii. Territorial Savings bank conducts business from its
headquarters in Honolulu, Hawaii and has 28 branch offices in the
State of Hawaii.
CONTACT: Walter Ida
(808) 946-1400
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