Logansport Financial Corp. (the “ Corporation”) announced today that it has repurchased 25,950 of the Corporation’s outstanding shares of common stock, without par value (“ Common Stock”), or approximately 3.6% of its outstanding shares, on the open market, pursuant to its previously announced open market repurchase program. It paid an aggregate of $590,363 for those 25,950 shares.
In addition, the Board of Directors of the Corporation has approved the repurchase, from time to time, on the open market of up to an additional 5,000 of the Corporation’s outstanding shares of Common Stock, which, together with the 34,173 shares remaining to be repurchased under the previously announced repurchase program, permits the Corporation to repurchase an aggregate of up to an additional 39,173 shares, or 5.5% of its 704,867 outstanding shares. Such purchases will be made subject to market conditions in open market or block transactions. Repurchases may not begin until the required regulatory clearance from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago has been received.
According to Arden L. Cramer, President of the Corporation, the Board believes that the Corporation’s shares are currently undervalued by the market and that open market purchases will have the effect of enhancing the book value per share and the potential for growth in earnings per share of the Corporation’s remaining outstanding shares.
The foregoing discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, anticipated market prices and prices actually paid by the Corporation for its shares pursuant to the stock repurchase program announced herein. These factors should be considered in evaluating any forward-looking statements, and undue reliance should not be placed on such statements. The Corporation does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.