American Bancorp N J (MM) (NASDAQ:ABNJ)
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American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) (the Company),
holding company of American Bank of New Jersey (the Bank), announced its
intention today to repurchase up to 5% of its outstanding shares in the
open market or in privately negotiated transactions. These shares will
be purchased from time to time depending upon market conditions.
Fred Kowal, President and Chief Operating Officer of the Company,
indicated that the Board of Directors approved the repurchase program in
view of the current price level of the Company's common stock and the
strong capital position of the Company's subsidiary, American Bank of
New Jersey. Mr. Kowal stated: "We believe that the repurchase of our
shares represents an attractive investment opportunity which will
benefit the Company and our stockholders."
As of March 31, 2007, the Company had consolidated total assets of
$554.3 million and stockholders' equity of $108.9 million. The Bank is a
federally chartered stock savings bank which conducts business from its
main office in Bloomfield, New Jersey and two branch offices in Cedar
Grove and Verona, New Jersey.
The foregoing information contains forward-looking statements
concerning our plans, objectives, expectations, estimates and
intentions. We caution that such statements are subject to a number of
uncertainties and actual results could differ materially, and,
therefore, readers should not place undue reliance on any
forward-looking statements. We do not undertake, and specifically
disclaim, any obligation to update any forward-looking statement,
whether written or oral, that may be made from time to time by or on
behalf of us.