Logansport Financial Corp. Announces Third Quarter Dividend and Stock Repurchase Program
LOGANSPORT, Ind.--(BUSINESS WIRE)--Logansport Financial Corp. (OTCBB:LOGN), an Indiana corporation which is the holding company for Logansport Savings Bank, FSB, a state commercial bank located in Logansport, Indiana, announces that Logansport Financial Corp. has declared a quarterly cash dividend of $.16 on each share of its common stock for the third quarter of 2014. The dividend is payable on October 15, 2014 to the holders of record on September 15, 2014.
Logansport Financial Corp. (the “Corporation”) also announced today that the Board of Directors has approved the repurchase, from time to time, on the open market of up to 65,441 of the Corporation’s outstanding shares of common stock, without par value (“Common Stock”), or approximately 10% of its outstanding shares. Such purchases will be made subject to market conditions in open market or block transactions. Repurchases may begin as early as August 13, 2014, as the required regulatory clearances have 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.