Harleysville Natl Corp Pa (MM) (NASDAQ:HNBC)
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Harleysville National Corporation Completes Its Previously
Announced Stock Repurchase and Authorizes An Additional Repurchase Up to 4.9
Percent
HARLEYSVILLE, Pa., May 12 /PRNewswire-FirstCall/ -- The Board of Directors of
Harleysville National Corporation (HNC) (NASDAQ:HNBC) announced today the
approval of a plan to repurchase up to 1,285,000 shares, or 4.9 percent, of
outstanding common stock. HNC has substantially completed its previously
announced repurchase program in the amount of 1,231,301 shares. As of May 10,
2005, the corporation had 26,245,722 shares of common stock outstanding.
Repurchases are authorized to be made by HNC from time to time in open market
or negotiated transactions as, in the opinion of management, market conditions
warrant. The repurchased shares will be held as treasury stock and may be
reserved for issuance pursuant to the Corporation's stock benefit plans or
other general corporate purposes. No specific timetable has been set for the
repurchases.
Gregg J. Wagner, President and Chief Executive Officer of HNC, stated, "The
ongoing repurchase program reflects management's belief that the current price
of HNC common stock does not adequately reflect our long-term business and
earnings prospects. The use of our capital must continue to be balanced with
other internal and external investment opportunities, while maximizing the use
of existing assets and resources to generate shareholder value."
Harleysville National Corporation, with assets of $3 billion, is the holding
company for Harleysville National Bank (HNB). Investment Management and Trust
Services are provided through Millennium Wealth Management & Private Banking, a
division of HNB, with assets under management exceeding $1.6 billion.
Cumberland Advisors, Inc., an SEC registered investment advisor specializing in
fixed-income money management and equities, using exchange- traded funds, is
also a part of Millennium Wealth Management & Private Banking. Harleysville
National Corporation stock is traded under the symbol "HNBC" and is commonly
quoted under Nasdaq National Market Issues. For more information, visit the
HNC website at http://www.hncbank.com/.
This press release may contain forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Actual results and trends
could differ materially from those set forth in such statements due to various
factors. Such factors include the possibility that increased demand or prices
for the Corporation's financial services and products may not occur, changing
economic and competitive conditions, technological developments, and other
risks and uncertainties, including those detailed in the Corporation's filings
with the Securities and Exchange Commission.
DATASOURCE: Harleysville National Corporation
CONTACT: Gregg J. Wagner, President and CEO, Harleysville National
Corporation, +1-215-513-2391
Web site: http://www.hncbank.com/