SOURCE: First Bancorp of Indiana Inc.

August 24, 2006 17:00 ET

First Bancorp of Indiana, Inc. Announces Stock Repurchase Program

EVANSVILLE, IN -- (MARKET WIRE) -- August 24, 2006 -- First Bancorp of Indiana, Inc., (NASDAQ: FBEI), today announced that the Corporation will commence a stock repurchase program to acquire up to 77,000 shares or approximately 5% of the Corporation's outstanding common stock. The repurchases generally will be conducted through open market transactions although unsolicited negotiated transactions or other types of repurchases may be considered. The program is expected to be completed within twelve months at which time the Corporation will reassess the program and determine whether it should be continued or terminated.

The stock repurchase program announced today is the Corporation's fourth such program since becoming a publicly traded stock institution in 1999. The most recent program was announced in September 2005 and is expected to be concluded shortly.

First Bancorp of Indiana, Inc. is the holding company for First Federal Savings Bank, a federally chartered savings bank.

Contact Information

  • For further information contact:
    Michael H. Head
    President and CEO
    (812) 492-8242