Western Liberty Bancorp Announces Share Repurchase Authority
06 Décembre 2011 - 10:05PM
Western Liberty Bancorp, Inc. (Nasdaq:WLBC), the holding company
for Service1st Bank of Nevada (Service1st Bank), today announced
that the Board of Directors approved additional repurchase
authority. Management is authorized to repurchase up to 7% of the
approximately 14.3 million outstanding shares. On November 3,
2011, the Company had announced completion of its prior repurchase
program of 5% its outstanding shares.
"We continue to believe our stock is an attractive investment in
light of our strong capital position," stated Michael Frankel,
Chairman. "Share repurchases represent an efficient way to utilize
capital, as the current share price is at a significant discount to
tangible book value and under cash per share."
The common stock may be repurchased by the Company from time to
time in open market transactions or in privately negotiated
transactions as permitted under applicable rules and
regulations. Repurchases may be conducted from time to time
and may be suspended or terminated at any time without
notice. The extent to which the Company repurchases its shares
and the timing of such purchases will depend upon market conditions
and other considerations.
About Western Liberty Bancorp
Western Liberty Bancorp is a Nevada bank holding company which
conducts operations through Service1st Bank of Nevada, its wholly
owned banking subsidiary. Service1st Bank operates as a traditional
community bank and provides a full range of deposit, lending and
other banking services to locally-owned businesses, professional
firms, individuals and other customers from its headquarters and
two retail banking facilities located in the greater Las Vegas
area. Services provided include: basic commercial and consumer
depository services, commercial working capital and equipment
loans, commercial real estate loans, and other traditional
commercial banking services. Primarily all of the bank's business
is generated in the Nevada market.
www.westernlibertybancorp.com
FORWARD LOOKING STATEMENTS
This release may contain "forward-looking statements" that are
subject to risks and uncertainties. Readers should not place undue
reliance on forward-looking statements, which reflect management's
views only as of the date hereof. All statements, other than
statements of historical fact, regarding our financial position,
business strategy and management's plans and objectives for future
operations are forward-looking statements. When used in this
report, the words "anticipate," "believe," "estimate," "expect,"
and "intend" and words or phrases of similar meaning, as they
relate to Western Liberty or management, are intended to help
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although we
believe that management's expectations as reflected in
forward-looking statements are reasonable, we cannot assure readers
that those expectations will prove to be correct. Forward-looking
statements are subject to various risks and uncertainties that may
cause our actual results to differ materially and adversely from
our expectations as indicated in the forward-looking statements.
These risks and uncertainties include our ability to maintain or
expand our market share or net interest margins, and to implement
our marketing and growth strategies. Further, actual results may be
affected by our ability to compete on price and other factors with
other financial institutions; customer acceptance of new products
and services; the regulatory environment in which we operate; and
general trends in the local, regional and national banking industry
and economy as those factors relate to our cost of funds and return
on assets. In addition, there are risks inherent in the banking
industry relating to collectability of loans and changes in
interest rates. Many of these risks, as well as other risks that
may have a material adverse impact on our operations and business,
are identified in our other filings with the SEC. However, you
should be aware that these factors are not an exhaustive list, and
you should not assume these are the only factors that may cause our
actual results to differ from our expectations.
CONTACT: George Rosenbaum, Chief Financial Officer
(702) 966-7400
Western Liberty Bancorp (MM) (NASDAQ:WLBC)
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