Pinnacle Bancshr (AMEX:PLE)
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Pinnacle Bancshares, Inc. (Amex: PLE), the holding company for Pinnacle
Bank, Jasper, Alabama, announced today that its common stock will be
voluntarily withdrawn from listing on the American Stock Exchange
effective prior to the opening of trading on Friday, February 15, 2008.
Pinnacle Bancshares also announced today that it is commencing a stock
repurchase program to acquire up to 73,000 of the Company’s
outstanding shares.
Voluntary Delisting
Pinnacle Bancshares previously announced that it would seek voluntary
withdrawal of its common stock from listing with the American Stock
Exchange, the principal exchange on which shares of its common stock are
traded. Subsequent to delisting, the Company’s
common stock is expected to commence trading in the over-the-counter
market on the OTC Bulletin Board. Howe Barnes Hoefer & Arnett, Inc. has
agreed to use its best efforts to make a market in the common stock, as
long as the volume of trading and certain other market making
considerations justify such activity.
The Board of Directors will consider terminating the Company’s
reports to the Securities and Exchange Commission. The Company will
continue to voluntarily submit annual, quarterly and other periodic
reports under the Securities Exchange Act of 1934 until a determination
regarding termination of the Company’s reports
is made.
Stock Repurchase Program
Pinnacle Bancshares also announced today that it is commencing a stock
repurchase program to acquire up to 73,000 shares of common stock, or
approximately 5% of the Company’s currently
outstanding shares. The repurchase program will be dependent upon market
conditions, and there is no guarantee as to the exact number of shares
to be repurchased by the Company.
Robert B. Nolen, Jr., President and Chief Executive Officer of the
Company, stated that the Board of Directors considers the Company’s
common stock to be an attractive investment. According to Mr. Nolen,
stock repurchases by the Company generally would be effected through
open market purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of repurchases. It is
expected that a reduction in the amount of the Company’s
outstanding common stock would have the effect increasing the Company’s
per share earnings and book value.
At December 31, 2007, the Company had total assets of approximately
$235.9 million and stockholders’ equity of
approximately $21.0 million. Pinnacle Bank operates seven offices
located in central and northern Alabama.
Statement under the Private Securities Litigation Reform Act
This press release may contain forward-looking statements within the
meaning of the federal securities laws, including statements regarding
the anticipated trading of the Company’s
shares on the OTC Bulletin Board and statements regarding the
anticipated results of the Company’s stock
repurchase program. These statements reflect the Company’s
current expectations with respect to future events and are based on its
management’s current assumptions and
information currently available. Actual results may differ materially.
There can be no assurance that the Company’s
expectations will be achieved. Please refer to the risk factors detailed
in the Company’s periodic reports filed with
the Securities and Exchange Commission, as well as in the Company’s
definitive proxy statement filed on April 25, 2007. These
forward-looking statements are neither promises nor guarantees. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Pinnacle Bancshares
undertakes no responsibility to revise or update any such
forward-looking information.