News at JSB
Jefferson Security Bank Announces the Approval of the Continuation of the Stock Repurchase Program
November 12, 2008 - Jefferson Security Bank
Post Office Box 35, 105 East Washington Street, Shepherdstown, West Virginia 25443
FOR IMMEDIATE RELEASE Contact: K. Stephen Morris, President and CEO
On November 7, 2008, Jefferson Security Bank (OTCBB: JFWV), received approval from the FDIC for the continuation of its Stock Repurchase Program. At their September 17, 2008 board meeting, the Board of Directors of the Bank authorized the continuation of the Stock Repurchase Program established in 2007 subject to FDIC approval. Under FDIC approval granted as of October 30, 2008, Jefferson Security Bank may repurchase up to 15,000 common shares issued and outstanding either on the open market or in privately negotiated transactions through October 30, 2009, subject to all state and regulatory restrictions.
Management of Jefferson Security Bank believes the Stock Repurchase Program is in the best interest of shareholders and, may potentially lead to an increase in shareholder value. The timing, price and quantity of purchases under the stock repurchase program will be at the discretion of the Board of Directors and the program may be discontinued, suspended or restarted at any time depending on the facts and circumstances.
Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. The Bank currently has six offices.
This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections. Readers are encouraged to read filings the Bank has made with the Federal Deposit Insurance Corporation for additional information.
Offices: 105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)
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