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8-K - FORM 8-K - MERIDIAN INTERSTATE BANCORP INC | c21167e8vk.htm |
Exhibit 99
Meridian Interstate Bancorp, Inc. Completes Third Stock Repurchase Program and
Adopts Fourth Stock Repurchase Program
Adopts Fourth Stock Repurchase Program
Contact: Richard J. Gavegnano, Chairman and Chief Executive Officer
(978) 977-2211
(978) 977-2211
Boston, Massachusetts (August 9, 2011): Meridian Interstate Bancorp, Inc. (the Company or
Meridian) (NASDAQ: EBSB), the holding company for East Boston Savings Bank (the Bank),
announced that it has completed its third repurchase program, which consisted of 472,428 shares at
an average price of $12.53 per share. In addition, the Companys Board of Directors voted to adopt
a fourth stock repurchase program of up to 10% of its outstanding common stock, or 904,224 shares
of its common stock.
Shares may be repurchased in open market or private transactions, through block trades, or pursuant
to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and
Exchange Commission.
Repurchases will be made at managements discretion at prices management considers to be attractive
and in the best interests of both the Company and its stockholders, subject to the availability of
stock, general market conditions, the trading price of the stock, alternative uses for capital, and
the Companys financial performance. Open market purchases will be subject to the limitations set
forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal
requirements.
Repurchases under this authorization may be suspended, terminated or modified by the Company at any
time for any reason, including market conditions, the cost of repurchasing shares, the availability
of alternative investment opportunities, liquidity, and other factors deemed appropriate. These
factors may also affect the timing and amount of share repurchases. The Company is not obligated to
repurchase any particular number of shares.
Meridian Interstate Bancorp, Inc. is the holding company for East Boston Savings Bank. East Boston
Savings Bank, a Massachusetts-chartered stock savings bank founded in 1848, operates 22 full
service locations in the greater Boston metropolitan area including eight full service locations in
its Mt. Washington Bank Division. We offer a variety of deposit and loan products to individuals
and businesses located in our primary market, which consists of Essex, Middlesex and Suffolk
Counties, Massachusetts. For additional information, visit www.ebsb.com.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may be identified by words such as
believes, will, expects, project, may, could, developments, strategic, launching,
opportunities, anticipates, estimates, intends, plans, targets and similar
expressions. These statements are based upon the current beliefs and expectations of Meridian
Interstate Bancorp, Inc.s management and are subject to significant risks and uncertainties.
Actual results may differ materially from those set forth in the forward-looking statements as a
result of numerous factors. Factors that could cause such differences to exist include, but are
not limited to, general economic conditions, changes in interest rates, regulatory considerations,
and competition and the risk factors described in the Companys filings with the Securities and
Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or
assumptions prove incorrect, Meridian Interstate Bancorp, Inc.s actual results could differ
materially from those discussed. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release.