Westbury Bancorp, Inc. Announces Fifth Stock Repurchase Program
February 09 2016 - 4:05PM
Westbury Bancorp, Inc. (NASDAQ:WBB) announced that on February 8,
2016 its Board of Directors authorized a stock repurchase program
pursuant to which the Company intends to purchase up to 422,906 of
its issued and outstanding shares, representing approximately 10.0%
of its issued and outstanding shares of common stock as of the date
hereof. The repurchase program will commence on or about
February 10, 2016. The program is the fifth repurchase
program approved by the Board of Directors. In connection
with the authorization of this stock repurchase program, the Board
of Directors of the Company announced that the Company’s existing
stock repurchase program, which had authorized the Company to
purchase up to 200,000 shares of its issued and outstanding common
stock, had been completed in full at an weighted average price of
$18.42 per share. The Company has purchased a total of
1,117,352 shares under the four previous programs at a weighted
average price of $16.88 per share. The timing of the
purchases under the newly adopted program will depend on certain
factors, including, but not limited to, market conditions and
prices, available funds and alternative uses of capital. The
new stock repurchase program may be carried out in accordance with
Securities and Exchange Commission Rule 10b-18 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. Any
repurchased shares will be treated as authorized but unissued by
the Company.
About Westbury Bancorp, Inc.
Westbury Bancorp, Inc. is the holding company for Westbury
Bank. Westbury Bank is a federally chartered savings bank
with approximately $670 million in assets headquartered in West
Bend, Wisconsin. Westbury Bank serves communities in
Washington, Waukesha and Outagamie counties through its eight full
service offices and one loan production office, providing deposit
and loan services to individuals, professionals and businesses
throughout its markets. Additional information about Westbury
Bank is available on the internet at
www.westburybankwi.com.
Information Regarding Forward-Looking
Statements
Information contained in this press release may be considered
forward-looking in nature as defined by the Private Securities
Litigation Reform Act of 1995 and is subject to various risks,
uncertainties, and assumptions. Such forward-looking statements in
this release are inherently subject to many uncertainties arising
in the Company's operations and business environment. Should
one or more of these risks or uncertainties materialize,
or should the underlying assumptions prove incorrect, actual
results may vary materially from those anticipated, estimated
or expected. Among the key factors that may have a direct
bearing on the Company’s operating results, performance or
financial condition are competition, the demand for the Company’s
products and services, the Company's ability to maintain current
deposit and loan levels at current interest rates, deteriorating
credit quality, including changes in the interest rate environment
reducing interest margins, changes in prepayment speeds, loan
origination and sale volumes, charge-offs and loan loss provisions,
the Company's ability to maintain required capital levels and
adequate sources of funding and liquidity, the Company's ability to
secure confidential information through the use of computer systems
and telecommunications networks, and other factors as set forth
in filings with the Securities and Exchange Commission. The
Company undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the
Company’s expectations, except as required to be reported under the
rules and regulations of the Securities and Exchange
Commission.
For Additional Information Contact:
Kirk J. Emerich, Executive Vice President and Chief Financial Officer
(262) 334-5563
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