HARLEYSVILLE, Pa.--(BUSINESS WIRE)--
Harleysville Savings Financial Corporation (the “Company”) (OTCQX: HARL)
announced today that the Board of Directors has approved the
commencement of a new stock repurchase program (“Repurchase Program”) of
up to 183,000 shares or approximately 5% of the Company’s outstanding
shares of common stock. The Repurchase Program will commence immediately
following the completion of the Company’s current repurchase program,
which has approximately 38,700 shares remaining for repurchase.
Repurchases are authorized to be made by the company from time to time
in open-market transactions as, in the opinion of management, market
conditions warrant. The repurchased shares will be held as treasury
stock and will be reserved for issuance under the Company’s stock
benefit plans and will be available for general corporate purposes.
Ronald B. Geib, Chief Executive Officer of the Company, stated, “the
ongoing repurchase program reflects management’s belief that the current
price of the Company’s common stock does not adequately reflect the
Company’s long-term business and earnings prospects. The Company is
fortunate to have the financial flexibility that allows it to
demonstrate its commitment to and confidence in its future prospects.”
Harleysville Savings Financial Corporation is traded on the OTCQX market
under the symbol HARL (http://www.otcmarkets.com)
and is the holding company for Harleysville Savings Bank. Established in
1915, Harleysville Savings Bank is a Pennsylvania chartered and
federally insured savings bank, headquartered in Harleysville, PA. The
Bank operates from six full-service offices located in Montgomery County
and one office located in Bucks County, Pennsylvania.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160421006564/en/
Harleysville Savings Financial Corporation
Brendan J.
McGill
President and Chief Operating Officer
(215)
256-8828
Source: Harleysville Savings Financial Corporation