EVANSVILLE, Ind., April 28 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (BULLETIN BOARD: ACBP) , the holding company for Bank of Evansville, announced today its Board of Directors has declared a 5 percent stock dividend. The dividend is payable on June 11, 2009, to shareholders of record as of the close of business on May 28, 2009. The dividend will increase the number of outstanding shares by approximately 96,268 to 2,021,623.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070424/CLTU114LOGO )
Michael S. Sutton, President and Chief Executive Officer, stated, "We are pleased to reward shareholders with this 5 percent stock dividend. This represents the fourth consecutive year we have paid a stock dividend. We continually strive to maximize shareholder value, and we believe that investors stand to benefit over time from the increased liquidity that our stock dividends provide."
The table accompanying this press release indicates the impact of the stock dividend on per share results for the first quarter of 2009 and 2008 and for the years ended December 31, 2008 and 2007.
American Community Bancorp, Inc., through its wholly owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana, area.
This news release contains certain forward-looking statements. These forward-looking statements may be identified by the use of such forward-looking terminology as "expect," "believe," "plan," "anticipate," "may," "will," or similar statements or variations of such terms or otherwise express views concerning trends and the future. Forward-looking statements involve risks and uncertainties which could cause our results to differ materially from such forward-looking statements. We assume no obligation for updating any such forward-looking statement at any time.
Earnings Per Share Restatement for 5 Percent Stock Dividend ----------------------------------------------------------- Quarters ended Years ended March 31, December 31, 2009 2008 2008 2007 Before 5 percent stock dividend Net income $303,963 $361,585 $1,297,253 $503,855 Average shares outstanding 1,907,545 1,869,804 1,885,657 1,864,986 Average diluted shares outstanding 1,934,101 1,924,318 1,927,274 1,957,001 Basic earnings per share $0.16 $0.19 $0.69 $0.27 Diluted earnings per share $0.16 $0.19 $0.67 $0.26 After 5 percent stock dividend Net income $303,963 $361,585 $1,297,253 $503,855 Average shares outstanding 2,002,922 1,963,294 1,979,940 1,958,235 Average diluted shares outstanding 2,030,806 2,020,534 2,023,638 2,054,851 Basic earnings per share $0.15 $0.18 $0.66 $0.26 Diluted earnings per share $0.15 $0.18 $0.64 $0.25 Contact: Michael S. Sutton John M. Schenk Phone: (812) 962-2265
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
American Community Bancorp, Inc.
CONTACT: Michael S. Sutton, or John M. Schenk, both of American
Community Bancorp, Inc., +1-812-962-2265
Web Site: http://www.bankevansville.com/
