Fulton Financial Corporation Repurchases Warrant From U.S. Treasury
LANCASTER, Pa., Sept. 8, 2010 (GLOBE NEWSWIRE) -- Fulton Financial Corporation (Nasdaq:FULT) today announced that it has repurchased the warrant the company had issued to the U.S. Treasury as part of the TARP Capital Purchase Program. Fulton Financial and the Treasury agreed upon a repurchase price of $10.8 million for the warrant, which had entitled the Treasury to purchase 5,509,756 shares of the company's common stock.
"With our repurchase of the outstanding warrant, we can reassure our shareholders that we have removed any possible future dilutive effect the warrant could have had on our stock value," said R. Scott Smith, Jr., chairman and CEO of Fulton Financial, "and we can continue to focus our efforts on pursuing our company's strategic objectives."
About Fulton Financial CorporationFulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company which has approximately 3,950 employees and operates 271 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following affiliates: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Delaware National Bank, Georgetown, DE; The Bank, Woodbury, NJ; Skylands Community Bank, Hackettstown, NJ and The Columbia Bank, Columbia, MD. Additional information on Fulton Financial Corporation is available on the Internet at www.fult.com . Forward-looking Statement: This news release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," and "intends," and similar expressions which are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Corporation's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Corporation undertakes no obligation, other than required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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