Cavalry Bancorp, Inc. Announces Stock Repurchase Program
MURFREESBORO, Tenn.–(BUSINESS WIRE)–Sept. 26, 2001
Cavalry Bancorp, Inc. (the “Company”) (NASDAQ/NMS:CAVB) announced today that it plans to implement a program to repurchase 710,480 shares or approximately 10% of its 7.1 million shares outstanding. At June 30, 2001, Cavalry Bancorp, Inc. had assets of $399.4 million and stockholder’s equity of $46.4 million.
Pursuant to the stock repurchase program shares will be purchased by Cavalry Bancorp, Inc. from time to time, depending upon market conditions, in open market transactions until such time as 710,480 shares have been repurchased.
Ed C. Loughry Jr., Chairman and Chief Executive Officer of Cavalry Bancorp Inc., commented, “While Cavalry Bancorp Inc. continues to effectively utilized its capital base to support the expansion of its community oriented banking franchise, we believe repurchasing shares is one of the least risky ways a bank can deploy excess capital while improving earnings ratios.”
Cavalry Bancorp, Inc., is the holding company for Cavalry Banking, which operates nine full-service offices in Rutherford and Bedford Counties of Tennessee.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or future performance of the company, the occurrence of which involve certain risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.
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