HOPKINSVILLE, Ky. (November 18, 2015) – HopFed Bancorp, Inc. (NASDAQ: HFBC) (the "Company"), the holding company for Heritage Bank USA, Inc. ("Heritage"), today reported that its Board of Directors approved a new stock repurchase program of up to 300,000 shares of the Company's common stock at a price not to exceed tangible book value. The new stock repurchase program will commence immediately and will be expire on December 31, 2017.
On October 31, 2014, the Company announced that its Board of Directors had authorized a 300,000 share repurchase program over a period of twelve months. Furthermore, the Company could purchase up to an additional 1.0 million shares of common stock that could be purchased for general corporate purchases and the establishment of employee benefit plan. At October 31, 2015, the Company purchased 600,000 shares of common stock for its Employee Stock Ownership Plan and 260,770 shares under its general repurchase plan. This stock repurchase authorization expired on October 31, 2015.
The Company will conduct repurchases through various means, including, without limitation, in the open market or in privately negotiated transactions that may be made from time to time, as determined by the Company's management, depending on market conditions and other factors and in compliance with applicable federal securities laws. There is no guarantee as to the exact number of shares to be repurchased by the Company. The share repurchase program does not obligate the Company to acquire a specific number of shares in any period and may be modified, suspended, extended or discontinued at any time, without prior notice.
HopFed Bancorp and Heritage Bank USA, Inc.
Prior to June 5, 2013, HopFed Bancorp, Inc. was a federally chartered savings and loan holding company with Heritage Bank as its wholly owned thrift subsidiary. On June 5, 2013, Heritage Bank's corporate name was changed to "Heritage Bank USA, Inc." and it converted to a Kentucky state chartered commercial bank regulated by the Kentucky Department of Financial Institutions and the Federal Deposit Insurance Corporation. Also on June 5, 2013, HopFed Bancorp, Inc. became a bank holding company regulated by the Board of Governors of the Federal Reserve System. HopFed Bancorp, Inc. is the holding company for Heritage, headquartered in Hopkinsville, Kentucky. Heritage has eighteen offices in western Kentucky and middle Tennessee and a loan production office in Nashville, Tennessee. The Company has two additional operating divisions including Heritage Wealth Management of Murray, Kentucky, Hopkinsville, Kentucky, Kingston Springs, Tennessee and Pleasant View, Tennessee, which offers a broad line of financial services. Heritage Mortgage Services of Clarksville, Tennessee offers long term fixed rate 1- 4 family mortgage loans that are originated for the secondary market in all communities in the Company's general market area. Heritage offers a broad line of banking and financial products and services with the personalized focus of a community banking organization. More information about HopFed Bancorp, Inc. and Heritage may be found on its website www.bankwithheritage.com.
This press release may contain forward-looking statements. Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. The words "believe," "expect," "seek," and "intend" and similar expressions identify forward-looking statements, which speak only as of the date the statement is made. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may include, but are not limited to, projections of income or loss, expenditures, acquisitions, plans for future operations, financing needs or plans relating to services of the Company, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of revisions which may be made to forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
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