American Bancorp of New Jersey, Inc. Announces Initiation of New Stock Repurchase Program
January 03 2008 - 9:00AM
Business Wire
American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) (the Company),
holding company of American Bank of New Jersey (the Bank),
announced the completion of its stock repurchase program announced
on August 29, 2007. The Company also concurrently announced the
initiation of a new program to repurchase up to an additional 5% of
its outstanding shares in the open market or in privately
negotiated transactions. These shares will be purchased from time
to time depending upon market conditions. Fred G. Kowal, President
and Chief Operating Officer of the Company, indicated that the
Board of Directors approved the repurchase program in view of the
current price level of the Company's common stock and the strong
capital position of the Company and its subsidiary, American Bank
of New Jersey. As of September 30, 2007, the Company had
consolidated total assets of $573.7 million and stockholders'
equity of $100.6 million. The Bank is a federally chartered stock
savings bank which conducts business from its main office in
Bloomfield, New Jersey and its branch offices located in Cedar
Grove, Verona, Nutley and Clifton, New Jersey. The foregoing
material contains forward-looking statements concerning our
financial condition, results of operations and business. We caution
that such statements are subject to a number of uncertainties and
actual results could differ materially, and, therefore, readers
should not place undue reliance on any forward-looking statements.
We do not undertake, and specifically disclaim, any obligation to
publicly release the results of any revisions that may be made to
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
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