Rescission necessary to facilitate merger transactions accounted for as
poolings of interests
LEAWOOD, Kan., Oct. 6 /PRNewswire/ -- Gold Banc (Nasdaq: GLDB) announced
today that its Board of Directors has rescinded the previously authorized
share repurchase program originally announced Sept. 8, 1998.
The rescission is in conjunction with the pending merger transactions
which are intended to be accounted for as poolings of interests. Gold Banc
currently has pending definitive merger agreements to acquire Citizens Bank of
Tulsa; The Trust Company, St. Joseph, Mo.; and First State Bank of Pittsburg,
Kan.
No shares were repurchased under the program, which authorized the buyback
of up to 329,000 of the Company's outstanding common shares from time to time
in normal market trading at prevailing prices.
The repurchased shares were intended to be used to meet the corporation's
stock requirements for its employee benefit plans. Gold Banc currently has
11.1 million shares of common stock outstanding.
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:
-- First State Bank & Trust Company of Pittsburg, Kan.
-- The Trust Company, a Midwest trust services business headquartered in
St. Joseph, Mo.
-- Citizens Bank of Tulsa, based in Tulsa, Okla.
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, keithb@goldbanc.com, Exec.
V.P. & CFO, or Brian J. Ruisinger, brianr@goldbanc.com, Investor
Relations, 913-451-8050, both of Gold Banc; Mike Arneth,
mga@chi.frbd.com, General Information, 312-640-6734, Paul
Scheeler, pas@chi.frbd.com, Analysts-Investors, 312-640-6742, or
Bess Gallanis, bag@chi.frbd.com, Media Inquiries, 312-640-6737,
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
|
