Great American Bancorp Authorizes Stock Repurchase of Up to 10% of Outstanding Shares

Great American Bancorp, the holding company for First Federal Savings Bank of Champaign-Urbana, has announced that its Board of Directors has authorized the repurchase of up to 151,076 shares of its common stock, representing ten percent of the company's outstanding shares. This move is aimed at reducing the number of shares in the market and potentially increasing the stock's value. The stock repurchases will be made in open market transactions, subject to market conditions and availability of stock, and are expected to commence as soon as possible.

Key Takeaways:

• The Board of Directors of Great American Bancorp has authorized the repurchase of up to 151,076 shares of common stock, equivalent to 10% of the company's outstanding shares.
• The repurchased shares will be purchased in open market transactions, subject to market conditions and availability of stock.
• Great American Bancorp has 1,510,759 outstanding shares, and the total number of shares may fluctuate after the repurchase.
• First Federal Savings Bank of Champaign-Urbana, a subsidiary of Great American Bancorp, is headquartered in Champaign, Illinois, and operates through several branches and a correspondent brokerage and insurance services arm.
• The company's stock is traded on the Nasdaq National Market System under the symbol "GTPS."
• The repurchase program is subject to market conditions and availability of stock, and there is no specific timeline for completion.
• The company's deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

Statistics:

• 151,076: The maximum number of shares authorized for repurchase.
• 10%: The percentage of outstanding shares that the repurchased shares represent.
• 1,510,759: The total number of outstanding shares of Great American Bancorp's common stock.
• 436,114: The address of First Federal Savings Bank of Champaign-Urbana's administrative/branch office in Champaign, Illinois.
• September 1, 1998: The date of the announcement regarding the stock repurchase authorization.

Sources:

• "Great American Bancorp Authorizes Stock Repurchase". PR Newswire. September 1, 1998.
• Great American Bancorp. (1998). Press Release.