Hawthorn Bancshares, Inc. (NASDAQ: HWBK), today announced that the Board
of Directors authorized the purchase, through open market transactions,
of $2 million market value of Hawthorn Bancshares’ common stock.
Management was given discretion to determine the number and pricing of
the shares to be purchased, as well as, the timing of any such
purchases. The Company intends to purchase its shares through broker
dealers selected in compliance with applicable securities laws at prices
for the common stock prevailing from time to time in NASDAQ’s National
Market.
The repurchased shares will be held in treasury and may be used by the
Company for general corporate purposes, including stock-based employee
benefit plans and stock dividends. It is expected that the stock
repurchases will be funded by cash generated through cash on hand,
operations and other sources. At August 6, 2015, the Company had
5,443,344 common shares outstanding.
David T. Turner, Chairman, stated “Our Company’s purchase of common
stock will be carried out in a manner designed to avoid disrupting the
market and may, therefore, occur over an extended period of time.
Purchasing activities may be discontinued and resumed at any time, as
market conditions warrant.”
About Hawthorn Bancshares
Hawthorn Bancshares, Inc., a financial-bank holding company
headquartered in Jefferson City, Missouri, is the parent company of
Hawthorn Bank of Jefferson City with locations in the Missouri
communities of Lee's Summit, Liberty, Springfield, Branson,
Independence, Columbia, Clinton, Windsor, Collins, Osceola, Warsaw,
Belton, Drexel, Harrisonville, California and St. Robert.
Statements made in this press release that suggest Hawthorn
Bancshares' or management's intentions, hopes, beliefs, expectations, or
predictions of the future include "forward-looking statements" within
the meaning of Section 21E of the Securities and Exchange Act of 1934,
as amended. It is important to note that actual results could
differ materially from those projected in such forward-looking
statements. Additional information concerning factors that could
cause actual results to differ materially from those projected in such
forward-looking statements is contained from time to time in the
company's quarterly and annual reports filed with the Securities and
Exchange Commission.
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