Northeast Indiana Bancorp, Inc. Announces Quarterly Cash Dividend And Stock Repurchase Program
HUNTINGTON, Ind., July 24, 2013 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, has announced that the Corporation will pay a cash dividend of $0.19 per common share. The dividend will be payable on August 20, 2013 to shareholders of record on August 6, 2013.
In addition, the Company announced its intention to purchase up to 5% or 61,997 shares of its current outstanding shares on the open market. These shares will be purchased at prevailing market prices and may include odd lot purchases, depending on market conditions.
Michael S. Zahn, CEO of the Company, indicated that the Board approved the repurchase program after reviewing current market pricing and the capital strength of the Company's subsidiary, First Federal Savings Bank. Mr. Zahn further stated that "the board of directors continues to feel our shares are undervalued and that the repurchase of our shares represents an attractive investment opportunity which will benefit the Company and shareholders."
The book value of NIDB's stock was $22.25 per common share as of June 30, 2013. The last reported trade of stock at the close of business on July 23, 2013 was $19.28 per common share and the number of outstanding shares was 1,239,946 as of the same date. The annualized dividend yield is currently 3.9% when annualizing the current quarter cash dividend of $0.19 per common share against the July 23, 2013 closing price of $19.28 per common share.
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne(2). The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.com.
SOURCE Northeast Indiana Bancorp, Inc.