SOURCE: Heartland Bancshares, Inc.

March 26, 2008 13:07 ET

Heartland Bancshares, Inc. Announces Stock Buyback Program

FRANKLIN, IN--(Marketwire - March 26, 2008) - Heartland Bancshares, Inc. (OTCBB: HRTB) announced today that its Board of Directors has approved a stock repurchase program pursuant to which the Company, from time to time and at management's discretion, may repurchase up to $1,150,000 of its common stock. At prevailing market prices, approximately 110,000 shares (or about 7.6% of its 1,441,853 shares of common stock currently outstanding) could be purchased pursuant to the Board's approval. No time limit was set for completion of the program.

Under the program, Heartland could purchase shares of its common stock through open market transactions or in privately negotiated block purchases or other private transactions (either solicited or unsolicited). The timing and amount of repurchase transactions under this program will depend on market conditions and corporate and regulatory considerations, and the program can be discontinued or suspended at any time. Open market purchases will be made subject to restrictions relating to volume, price and timing in an effort to minimize the impact of the purchases upon the market for the Company's common stock. The Company expects, based on these restrictions and recent trading patterns in its common stock, that it will likely require at least 12 to 18 months for it to acquire as much as $1,150,000 of its stock in market transactions. However, the Company could buy larger amounts of its stock in one or more block or other private transactions effected off-market, and to the extent that it does so, the repurchase program might be completed faster than anticipated.

Purchases will be funded from available working capital at the parent company and from dividends from its bank subsidiary.

Cautionary Statement

This press release contains forward-looking statements about Heartland Bancshares, Inc.'s, common stock repurchase program, including the estimated number of shares that may be purchased under the program which may be more or less than estimated. The statements are based on management's current expectations, estimates and projections, are not guarantees of future performance, and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict, including, but not limited to, changes in the market price and trading volume of the Company's common stock; changes in the Company's financial results, financial condition and cash requirement; and the Company's ability to comply with possible regulatory approval requirements and other regulatory limitations from time to time. There is no assurance that the Company will purchase all of the shares that it is authorized to purchase under this program, and the program may be discontinued by the Company at any time without the purchase of any significant number of shares having been completed. Therefore, investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Heartland Bancshares, Inc., undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Heartland Community Bank is the wholly owned subsidiary of Heartland Bancshares, Inc., and began banking operations on December 17, 1997 in Johnson County, Indiana on the southern edge of the Indianapolis metro area. As previously reported, Heartland's total assets were $209,397,000 and its total equity was $16,067,000 as of December 31, 2007, and its net income was $747,000 or $.52 per diluted share for the year ended December 31, 2007. Summary financial information is included in the Company's quarterly news releases, which may be found by visiting the Internet website of the NASD's Over the Counter Bulletin Board (http://www.otcbb.com/asp/Info_Center.asp) and entering our stock symbol: HRTB.

Contact Information

  • Contact:
    Steve Bechman
    President
    or
    Jeff Joyce
    CFO
    (317) 738-3915