U.S.B. Holding Co., Inc., Parent of Union State Bank, Announces Stock Repurchase Plan
December 14 2005 - 5:12PM
PR Newswire (US)
ORANGEBURG, N.Y., Dec. 14 /PRNewswire-FirstCall/ -- Thomas E.
Hales, Chairman of the Board and Chief Executive Officer of U.S.B.
Holding Co., Inc. and subsidiaries (the "Company") (NYSE:UBH),
parent company of Union State Bank, announced that on December 13,
2005, the Board of Directors of the Company authorized the
repurchase of up to 300,000 shares, or approximately 1.4 percent,
of the Company's outstanding common stock. Repurchases of common
stock are authorized to be made from time to time in open-market
and private transactions throughout 2006 as, in the opinion of
management, market conditions may warrant. The repurchased shares
will be held as treasury stock and will be available for general
corporate purposes. The repurchase plan authorized by the Board of
Directors on March 23, 2005, which authorized the repurchase of
315,000 shares of common stock, adjusted for the five percent
common stock dividend distributed in September 2005, will expire on
December 31, 2005. As of December 13, 2005, 167,812 shares of
common stock had been repurchased under that plan at an average
price of $20.73 per share. Mr. Hales commented that "Continuing a
strategy of purchasing the Company's common stock under a
repurchase plan when the stock price is appropriate, will
effectively manage and utilize the strong capital position of the
Company and its principal commercial bank subsidiary, Union State
Bank." The Company operates through its banking subsidiary, Union
State Bank, a full service New York State chartered commercial bank
with approximately $3.0 billion in assets. Union State Bank was
founded in 1969 in Rockland County where it is headquartered and
has the number one market share. Union State Bank has twenty-seven
locations in Rockland and Westchester counties and one location
each in Stamford, Connecticut, Goshen, Orange County, New York, and
New York City. Further information on Union State Bank can be found
on its website at http://www.unionstate.com/. Forward-Looking
Statements: This Press Release contains a number of
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "intend," "should," "will," "would,"
"could," "may," "planned," "estimated," "potential," "outlook,"
"predict," "project" and similar terms and phrases, including
references to assumptions. Forward-looking statements are based on
various assumptions and analyses made by us in light of our
management's experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors we believe are appropriate under the circumstances.
These statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors (many of which
are beyond our control) that could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. These factors include, without
limitation, the following: the timing and occurrence or non-
occurrence of events may be subject to circumstances beyond our
control; there may be increases in competitive pressure among
financial institutions or from non-financial institutions; changes
in the interest rate environment may reduce interest margins or
affect the value of investments; changes in deposit flows, loan
demand or real estate values may adversely affect our business;
changes in accounting principles, policies or guidelines may cause
our financial condition to be perceived differently; general
economic conditions, either nationally or locally in some or all of
the areas in which we do business, or conditions in the securities
markets or the banking industry may be less favorable than we
currently anticipate; legislative or regulatory changes may
adversely affect our business; applicable technological changes may
be more difficult or expensive than we anticipate; success or
consummation of new business initiatives may be more difficult or
expensive than we anticipate; or litigation or matters before
regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events
longer than we anticipate. The Company's forward-looking statements
are only as of the date on which such statements are made. By
making any forward-looking statements, the Company assumes no duty
to update them to reflect new, changing or unanticipated events or
circumstances. You should consider these risks and uncertainties in
evaluating forward-looking statements and you should not place
undue reliance on these statements. DATASOURCE: U.S.B. Holding Co.,
Inc. CONTACT: Steven T. Sabatini, Senior Executive V.P. & Chief
Financial Officer of U.S.B. Holding Co., Inc., +1-845-365-4615 Web
site: http://www.unionstate.com/
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