SOURCE: Jonestown Bank & Trust Co

September 01, 2015 14:28 ET

Jonestown Bank & Trust Co. Announces Three-for-Two Stock Split

JONESTOWN, PA--(Marketwired - September 01, 2015) - Jonestown Bank & Trust Co. (JBT) (OTC PINK: JNES) announced that its Board of Directors declared a three-for-two split in JBT common stock in the form of a stock dividend.

The stock dividend is payable to stockholders of record on September 10, 2015, and is expected to be distributed to shareholders on September 17, 2015. The stock split will increase JBT's outstanding shares from approximately 1.5 million shares prior to the split to approximately 2.25 million shares.

As a result of the stock split, each shareholder will receive one additional share of stock for every two shares owned as of September 10, 2015. For example, a shareholder owning 200 shares of JBT stock and currently receiving a quarterly cash dividend of $0.23 per share, or a total of $46.00, will, after the actions outlined above take effect, own 300 shares of stock and receive the same aggregate dividend of $46.00. The Bank anticipates continuing to pay its consistent dividend stream, but it is not guaranteed.

Shareholders will receive cash in lieu of any fractional shares that they otherwise would have been entitled to receive in connection with the split, except that those shareholders participating in JBT's Dividend Reinvestment and Stock Purchase Plan will have fractional shares credited to their accounts. The price paid for fractional shares will be based on the average closing price of a share of common stock reported on the OTC: Pink for the five trading days prior to the record date.

Troy A. Peters, JBT's Chief Executive Officer stated, "JBT has a strong and stable shareholder base, and we appreciate our long-term shareholders. This split is intended to improve the liquidity for our stock by making more shares available in the market, and to make our stock more accessible and attractive to new investors. The Board of Directors decided to effect the stock split after careful consideration and coming to the conclusion that the potential benefits of broader ownership positively affect all shareholders."

About Jonestown Bank & Trust Co.:

Founded in 1873, Jonestown Bank & Trust Co. (OTC PINK: JNES) is a diversified community bank. Operating primarily in Lebanon County, which is approximately 25 miles east of Harrisburg, PA, JBT has the third largest market share in that county with approximately 16% of total deposits. In addition to offering traditional lending and deposit products and services to retail and commercial customers, the Company features trust and asset management services. The Bank is dedicated to its founding principles by being actively involved in the communities it serves and providing exceptional personal service delivered by experienced local professionals. For more information, please visit www.bankjbt.com.

Special Note Concerning Forward-Looking Statements

Any statements in this release other than statements of historical facts, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include a number of factors related to the businesses of the Bank including: risks associated with JBT's possible pursuit of acquisitions; economic conditions in JBT's service areas; system failures; losses of large customers; disruptions in relationships with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management personnel in the future; the impact of legislation and regulatory changes on the banking industry, including the implementation of the Basel III capital reforms; losses related to cyber-attacks; and liability and compliance costs regarding banking regulations.

Many of these risks are beyond management's ability to control or predict. All forward-looking statements attributable to JBT, or persons acting on behalf of each of them are expressly qualified in their entirety by the cautionary statements and risk factors contained in this communication. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.

Contact Information

  • CONTACT:
    C. William Roth
    Senior Vice President and Chief Financial Officer
    (717) 865-4246