Repurchased shares to be used to offset existing stock options
previously granted
LEAWOOD, Kan., Sept. 8 /PRNewswire/ -- Gold Banc (Nasdaq: GLDB) announced
today that its Board of Directors has approved a share repurchase program.
Under the approved share buyback, the Company may repurchase up to 329,000
of the Company's outstanding common shares from time to time in normal market
trading at prevailing prices. Gold Banc currently has 11.1 million shares of
common stock outstanding and the closing price as of September 4, 1998 was
$16.125 per share.
Michael W. Gullion, Chairman, President and Chief Executive Officer,
commented: "This repurchase of up to 329,000 shares of the Company's
outstanding common stock is an effective use of our cash that we believe will
have a positive impact on the value of our shareholders' investment. The
repurchased shares will be used to meet the corporation's stock requirements
for its employee benefit plans."
According to Gullion, Gold Banc has sufficient financial resources to
conduct a share repurchase program while still maintaining the requisite
financial flexibility to move forward with its strategic growth plans,
including possible acquisitions.
About the Gold Banc Family
Gold Banc, a multi-bank holding company, owns and operates a growing
family of community banks which provide a full range of commercial and
consumer banking services in their respective markets, with each bank
retaining its board of directors, local identity and decision-making
authority.
The Gold Banc family currently includes:
-- Exchange National Bank, with locations in Leawood, Shawnee and
Marysville, Kan.
-- Citizens State Bank and Trust Company, located in Seneca, Kan.
-- Peoples National Bank, Clay Center, Kan.
-- Farmers National Bank, Oberlin, Kan.
-- First National Bank in Alma, located in Alma, Kan.
-- Farmers State Bank of Sabetha, Kan.
-- Tri-County National Bank of Washington, Kan.
-- Peoples State Bank of Colby, Kan.
-- Provident Bank, f.s.b., located in St. Joseph, Mo.
In addition, Gold Banc also owns:
-- Midwest Capital Management, Inc., a full service broker/dealer and
investment management firm based in Kansas City, Mo.
Gold Banc's acquisitions pending, but not yet closed, include:
-- Citizens Bank of Tulsa, based in Tulsa, Okla.
-- First State Bank & Trust Company of Pittsburg, Kan.
-- The Trust Company, a Midwest trust services business headquartered
in St. Joseph, Mo.
Safe Harbor Statement
This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995), which involve significant risks and
uncertainties. Actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) expected cost savings from a
merger cannot be fully realized or realized within the expected time frame;
(2) revenues following the merger are lower than expected; (3) competitive
pressures among depository institutions increase significantly; (4) costs or
difficulties related to the integration of the business of the organizations
are greater than expected; (5) changes in the interest rate environment reduce
interest margins; (6) general economic conditions, either nationally or in
states in which the combined company will be doing business, are less
favorable than expected; and (7) legislation or regulatory changes adversely
affect the businesses in which the combined company would be engaged.
SOURCE Gold Banc
 back to top
Related links:
http://www.goldbanc.com
CONTACT:
Keith E. Bouchey, Exec. V.P. & CFO,
913-451-8050, or e-mail, keithb@goldbanc.com, or Brian J.
Ruisinger, Investor Relations, 913-451-8050, or e-mail,
brianr@goldbanc.com, both of Gold Banc; Mike Arneth, General
Information, 312-640-6734, or e-mail, mga@chi.frbd.com, Paul
Scheeler, Analysts-Investors, 312-640-6742, or e-mail,
pas@chi.frbd.com, or Bess Gallanis, Media Inquiries,
312-640-6737, or e-mail, bag@chi.frbd.com, all of The Financial
Relations Board
NOTE TO EDITORS: For more information on Gold Banc toll-free via
fax, simply dial 1-800-PRO-INFO, follow the voice menu prompts
and enter the company code "GLDB" on any touch tone phone.
|
