Peoples Federal Bancshares, Inc. Authorizes an Increase to Stock Repurchase
BRIGHTON, Mass., Dec. 6, 2013 (GLOBE NEWSWIRE) -- Peoples Federal Bancshares,
Inc. (the "Company") (Nasdaq:PEOP), the holding company for Peoples Federal
Savings Bank, announced today that its Board of Directors authorized an
increase in the number of shares that may be repurchased pursuant to the
Company's stock repurchase plan that was previously announced on July 20, 2011
and expanded on February 1, 2012 and on October 31, 2012. Under the newly
expanded repurchase plan, the Company is authorized to repurchase up to an
additional 5% of its issued and outstanding shares, or up to approximately
323,296 shares. As of December 5, 2013, the Company had repurchased 1,032,641
of its shares under the repurchase plan.
The repurchase plan permits shares to be repurchased in open market or private
transactions, through block trades, and pursuant to any trading plan that may
be adopted in accordance with Rule 10b5-1 of the Securities and Exchange
Repurchases will be made at management's discretion at prices management
considers to be attractive and in the best interests of both the Company and
its stockholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for capital, and
the Company's financial performance. Open market purchases will be conducted
in accordance with the limitations set forth in Rule 10b-18 of the Securities
and Exchange Commission and other applicable legal requirements.
The repurchase plan may be suspended, terminated or modified at any time for
any reason, including market conditions, the cost of repurchasing shares, the
availability of alternative investment opportunities, liquidity, and other
factors deemed appropriate. These factors may also affect the timing and
amount of share repurchases.The repurchase plan does not obligate the Company
to purchase any particular number of shares, and there is no guarantee as to
the exact number of shares to be repurchased by the Company.
Peoples Federal Bancshares, Inc. is the parent company of Peoples Federal
Savings Bank, a community-oriented financial institution operating seven
full-service branch locations in the greater Boston area. Peoples Federal
Savings Bank offers a broad array of retail and commercial lending and deposit
This press release may contain certain forward-looking statements which are
based on management's current expectations regarding economic, legislative and
regulatory issues that may impact Peoples Federal Savings Bank's earnings in
future periods. Factors that could cause future results to vary materially
from current management expectations include, but are not limited to, general
economic conditions, changes in interest rates, deposit flows, real estate
values and competition, changes in accounting principles, policies or
guidelines, changes in legislation or regulation and other economic,
competitive governmental, regulatory and technological factors affecting
Peoples Federal Savings Bank's operations, pricing, products and services.
CONTACT: Maurice H. Sullivan, Jr.
Chairman and Chief Executive Officer
Telephone: (617) 254-0707
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