Sept. 28, 2011
Financial, Inc. (NASDAQ: MFSF) (the "Company"), the holding company of MutualBank (the "Bank"), announced today that it has completed the repurchase of a warrant held by the United States Department of the Treasury. The 10-year warrant was issued in
, as part of the Company's participation in the Treasury's Capital Purchase Program (a part of the Troubled Asset Relief Program or TARP), and entitled the Treasury to purchase 625,135 shares of
Financial, Inc. common stock at an exercise price of
The warrant was repurchased by the Company pursuant to a letter agreement between the Treasury and the Company for a total repurchase price of
per warrant share. The repurchase price was based on the fair market value of the warrant as agreed upon by the Company and the Treasury.
Financial President and CEO
David W. Heeter
said, "The repurchase of the warrant ends our participation in Treasury's TARP Capital Purchase Program. Buying back the warrant at this agreed-upon price underscores our commitment to increasing long-term value for our stockholders. The capital position of the Company continues to be strong, exceeding the 'well capitalized' thresholds established by regulators."
Financial, Inc. and MutualBank, an
-based financial institution, has thirty-two full-service retail financial centers in
Counties in Indiana. MutualBank also has two Wealth Management and Trust offices located in
and a loan origination office in New Buffalo, Michigan. MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services. The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF" and can be found on the internet at
Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.