Guaranty Federal Bancshares, Inc. Announces Termination of Employee Stock
SPRINGFIELD, Mo., Jan. 6, 2014 (GLOBE NEWSWIRE) -- Guaranty Federal
Bancshares, Inc., (Nasdaq:GFED), the holding company (the "Company") for
Guaranty Bank, today announces that it has completed the termination and
liquidation of its Employee Stock Ownership Plan (ESOP) which began in 1998.
Effective December 31, 2012, after all shares had been allocated to
participants, the Company's Board of Directors approved the termination of the
ESOP, subject to Internal Revenue Service approval. The subsequent termination
and final distributions resulted in the transfer of approximately 233,000
common shares of the Company's stock to 145 remaining participants.
"The Board of Directors implemented the ESOP when our company went public to
help align the interests of employees with the shareholders," said Shaun A.
Burke, President & CEO. "Now that the plan has been terminated and the shares
have been distributed, our employee owners will continue to be motivated to
maximize performance and the value of our stock."
The Company estimates that it will realize an annual savings of approximately
$25,000 associated with administrative costs of the plan.Additionally, the
employee ownership will increase the number of shares publicly available for
About Guaranty Federal Bancshares, Inc.
Guaranty Federal Bancshares, Inc. (Nasdaq:GFED) has a subsidiary corporation
offering full banking services.The principal subsidiary, Guaranty Bank, is
headquartered in Springfield, Missouri, and has nine full-service branches in
Greene and Christian Counties and a Loan Production Office in Webster
County.In addition, Guaranty Bank is a member of the TransFund ATM network
which provides its customers surcharge free access to over 100 area ATMs and
over 1,600 ATMs nationwide.For more information visit the Guaranty Bank
The discussion set forth above may contain forward-looking comments.Such
comments are based upon the information currently available to management of
the Company and management's perception thereof as of the date of this
release.When used in this release, words such as "anticipates," "estimates,"
"believes," "expects," and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of identifying such
statements.Such statements are subject to risks and uncertainties.Actual
results of the Company's operations could materially differ from those
forward-looking comments.The differences could be caused by a number of
factors or combination of factors including, but not limited to: changes in
demand for banking services; changes in portfolio composition; changes in
management strategy; increased competition from both bank and non-bank
companies; changes in the general level of interest rates; the effect of
regulatory or government legislative changes; technology changes; fluctuation
in inflation; and other factors set forth in reports and other documents filed
by the Company with the Securities and Exchange Commission from time to time.
CONTACT: Shaun A. Burke, President & CEO
Carter M. Peters, CFO
1341 W. Battlefield
Springfield, MO 65807
Press spacebar to pause and continue. Press esc to stop.