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DELHI BANK CORP. ADOPTS DIVIDEND REINVESTMENT AND OPTIONAL CASH PURCHASE PLAN AND ANNOUNCES STOCK REPURCHASE PROGRAM, CASH DIVIDEND AND APPOINTMENT OF NEW DIRECTOR
DELHI BANK CORP. ADOPTS DIVIDEND REINVESTMENT AND OPTIONAL CASH PURCHASE PLAN AND ANNOUNCES STOCK REPURCHASE PROGRAM, CASH DIVIDEND AND APPOINTMENT OF NEW DIRECTOR.
About this update from Delhi Bank Corp.
[{"type":"text","content":"Delhi, New York -- July 7, 2003. Delhi Bank Corp. (Pink Sheets: DWNX) today announced that on June 17, 2003 the Company's board of directors adopted a dividend reinvestment and optional cash purchase plan. Participation in the dividend reinvestment and optional cash purchase plan will be offered to current stockholders of Delhi Bank Corp. residing in the State of New York. On June 19, 2003, the Company filed with the Securities and Exchange Commission, pursuant to Regulation A under the Securities Act of 1934, as amended, an Offering Statement on Form 1-A in order to qualify the securities to be offered under the dividend reinvestment and optional cash purchase plan. The plan will not be implemented until such securities are qualified, which is anticipated to occur in the third quarter of this year.\r\n\r\nThe Company's board of directors also announced that the board approved the repurchase of up to 5% of the Company's outstanding common stock, or approximately 32,500 shares. Repurchases, which will be conducted through open market purchases or privately negotiated transactions, will be made from time to time depending on market conditions and other factors. Repurchased shares will be held in treasury and will be available for the Company's employee stock ownership plan and its dividend reinvestment and optional cash purchase plan. Directors, Officers, Employees and their immediate family members will not participate in the stock repurchase program.\r\n\r\nAdditionally, the board of directors of the Company announced that on June 17, 2003, the board declared a $0.12 per share cash dividend on the Company's outstanding common stock. The cash dividend will be payable July 15, 2003 to stockholders of record as of June 30, 2003.\r\n\r\nFinally, the Company's board of directors announced that Raymond Christensen has joined the Company's board of directors. Mr. Christensen brings to the board his many years of experience in the agricultural arena and community service and leadership.\r\n\r\nDelhi Bank Corp. is a New York Chartered bank holding company headquartered in Delhi, New York. As of December 31, 2002, Delhi Bank Corp. had assets of $132.9 million and Stockholders' equity of $13.8 million. \r\n\r\nCONTACT: Delhi Bank Corp. \r\nRobert W. Armstrong, Treasurer\r\n(607) 746-0740\r\n","length":2303,"tagName":"div"}]