American Community Bancorp, Inc. Announces 5 Percent Stock Dividend

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Apr 27, 2010, 06:32 ET

EVANSVILLE, Ind., April 27 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (OTC Bulletin Board: ACBP), the holding company for Bank of Evansville, announced today its Board of Directors has declared a five percent stock dividend. The dividend is payable on June 14, 2010, to shareholders of record as of the close of business on May 27, 2010. The dividend will increase the number of outstanding shares by approximately 101,998 to 2,141,975.

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Michael S. Sutton, President and Chief Executive Officer, stated, "We are pleased to reward shareholders with a five percent stock dividend for the fifth consecutive year. This stock dividend reflects our continued commitment to maximize the value of our shareholders' investment through improved stock liquidity, while not placing capital constraints on our ability to grow."

The table accompanying this press release indicates the impact of the stock dividend on per share results for the first quarter of 2010 and 2009 and for the years ended December 31, 2009 and 2008.

American Community Bancorp, Inc., through its wholly owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana, area.

This news release contains certain forward-looking statements. These forward-looking statements may be identified by the use of such forward-looking terminology as "expect," "believe," "plan," "anticipate," "may," "will," or similar statements or variations of such terms or otherwise express views concerning trends and the future. Forward-looking statements involve risks and uncertainties which could cause our results to differ materially from such forward-looking statements. We assume no obligation for updating any such forward-looking statement at any time.

Earnings Per Share Restatement for 5 Percent Stock Dividend
	Quarters ended March 31,		Years ended December 31,
	2010	2009	2009	2008

Before 5 percent stock dividend
Net income	$ 454,092	$ 303,963	$ 1,203,580	$ 1,297,253

Average shares outstanding	2,016,088	2,002,922	2,003,574	1,979,939
Average diluted shares outstanding	2,043,406	2,030,806	2,039,436	2,023,636

Basic earnings per share	$ 0.23	$ 0.15	$ 0.60	$ 0.66
Diluted earnings per share	$ 0.22	$ 0.15	$ 0.59	$ 0.64


After 5 percent stock dividend
Net income	$ 454,092	$ 303,963	$ 1,203,580	$ 1,297,253

Average shares outstanding	2,116,892	2,103,068	2,103,753	2,078,936
Average diluted shares outstanding	2,145,576	2,132,346	2,141,408	2,124,818

Basic earnings per share	$ 0.21	$ 0.14	$ 0.57	$ 0.62
Diluted earnings per share	$ 0.21	$ 0.14	$ 0.56	$ 0.61