Abington Bancorp, Inc. Announces Decision Not to Participate in the Treasury Department's Capital Purchase Program
November 13 2008 - 4:30PM
Marketwired
Abington Bancorp, Inc. (the "Company") (NASDAQ: ABBC), the parent
holding company for Abington Bank (the "Bank"), announced today
that it will not apply for funds available through the U.S.
Treasury's Capital Purchase Program.
Mr. Robert W. White, Chairman, President and CEO of the Company,
stated, "In light of the Company's strong capital base and its
earnings, growth, liquidity, and business strategy, we have decided
not to seek federal funds through the U.S. Treasury's Capital
Purchase Program, although we believe we would be eligible for such
funds. The Bank's regulatory capital is significantly in excess of
well capitalized levels, even with the additional provisions for
loan losses to be recognized in the fourth quarter of 2008, as
disclosed in our most recently filed Form 10-Q."
Abington Bancorp, Inc. is the holding company for Abington Bank.
Abington Bank is a Pennsylvania-chartered, FDIC-insured savings
bank which was originally organized in 1867. Abington Bank conducts
business from its headquarters and main office in Jenkintown,
Pennsylvania as well as twelve additional full service branch
offices and seven limited service banking offices located in
Montgomery, Bucks and Delaware Counties, Pennsylvania. As of
September 30, 2008, Abington Bancorp had $1.16 billion in total
assets, $631.3 million in total deposits and $244.2 million in
stockholders' equity.
This news release contains certain forward-looking statements,
including statements about the financial condition, results of
operations and earnings outlook for Abington Bancorp, Inc.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words such as "believe," "expect," "anticipate," "estimate"
and "intend" or future or conditional verbs such as "will,"
"would," "should," "could" or "may." Forward-looking statements, by
their nature, are subject to risks and uncertainties. A number of
factors -- many of which are beyond the Company's control -- could
cause actual conditions, events or results to differ significantly
from those described in the forward-looking statements. The
Company's reports filed from time-to-time with the Securities and
Exchange Commission describe some of these factors, including
general economic conditions, changes in interest rates, deposit
flows, the cost of funds, changes in credit quality and interest
rate risks associated with the Company's business and operations.
Other factors described include changes in our loan portfolio,
changes in competition, fiscal and monetary policies and
legislation and regulatory changes. Investors are encouraged to
access the Company's periodic reports filed with the Securities and
Exchange Commission for financial and business information
regarding the Company at www.abingtonbank.com under the Investor
Relations menu. We undertake no obligation to update any
forward-looking statements.
Contact: Robert W. White Chairman, President and CEO or Jack
Sandoski Senior Vice President and CFO (215) 886-8280
Abington Bancorp, Inc. (MM) (NASDAQ:ABBC)
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