Hilltop
Community Bancorp, Inc. Buys Back 76,000 Shares In Private Transaction
October 1, 2007
SUMMIT, N.J., Richard D. Wellbrock, Chairman, and Mortimer J. O’Shea, President & CEO of Hilltop Community Bancorp, Inc. (the Corporation) (OTC Bulletin Board: HTBC.OB) announced that the buyback of 75,966 shares of the Corporation’s common stock was recently been completed in a private transaction. The price was $8.75 per share. The stock will be held as treasury shares in the holding company.
Messrs. Wellbrock and O’Shea commented: “Our Board approved this buyback because the current market price of Hilltop’s stock, and financial institution stocks generally, are at low levels relative to normal indicators of value. We believe that a purchase of our own shares at this price is in the best interest of our shareholders. Because the funds used for this purchase came from a holding company account, there is no adverse impact on the equity or legal lending limit of Hilltop Community Bank, the Corporation’s wholly owned subsidiary.”
Hilltop Community Bancorp, Inc. is the parent bank holding company for Hilltop Community Bank. The Bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The bank operates as a locally headquartered, community oriented bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward- looking statements. The Corporation assumes no obligation for updating any such forward-looking statements at any time.
