FOR IMMEDIATE RELEASE
CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: March 14, 2013
Union Bank Announces Repurchase of Common Stock
Kinston, NC – (Business Wire) – March 14, 2013 – Union Bank (OTCBB: LTLB) announced today that it has received regulatory approval to repurchase up to 56,485 shares, or approximately 2%, of the Company’s outstanding common stock. The Company currently intends to repurchase shares on an ongoing basis through open market purchases and block trades. Actual repurchases will be subject to the availability of stock , general market conditions, the trading price of stock, alternative uses for capital and the Company’s financial performance.
Vincent R. Jones, President and Chief Executive Officer noted, “We are extremely pleased to initiate our stock repurchase program at this time. We are fortunate that Union Bank has weathered the financial storm quite well and maintained a strong capital position. Our Board does not believe that recent trading prices accurately reflect the value of the Company’s shares and that the deployment of a portion of capital in this program is prudent and in the best interest of our shareholders.”
Union Bank, with total assets of approximately $306 million at December 31, 2012 is a North Carolina chartered financial institution which operates six offices serving individuals and small to mid-sized businesses in Eastern North Carolina. Union Bank is a member of the FDIC and an Equal Housing Lender.
Union Bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, and Craven county markets. The Bank prides itself on the special care with which it serves its customers. The Bank’s website is www.unionbanknc.com. Union Bank stock can be found on the Over-the-Counter Electronic Bulletin Board trading under the symbol LTLB.