LAWRENCEBURG, Ind.,
Nov. 4, 2016 /PRNewswire/
-- United Community Bancorp (the "Company") (Nasdaq: UCBA)
announced today that it has authorized a stock repurchase program
to acquire up to 209,907 shares, or approximately 5%, of the
Company's outstanding common stock. Repurchases will be
conducted through open market purchases, which will include
purchases under a trading plan entered into with Sandler O'Neill
& Partners, L.P. adopted pursuant to Securities and Exchange
Commission Rule 10b5-1, or through privately negotiated
transactions. The Rule 10b5-1 repurchase plan allows the
Company to repurchase its shares during periods when it would
normally not be active in the market due to its internal trading
blackout period. Repurchases will be made from time to time
depending on market conditions and other factors. There is no
guarantee as to the exact number of shares to be repurchased by the
Company. The Company's repurchase program will terminate upon
the completion of the purchase of 209,907 shares or on August 15, 2017 if not all shares have been
purchased by that date.
United Community Bancorp is the holding company of United
Community Bank, headquartered in Lawrenceburg, Indiana. The Bank
currently operates eight offices in Dearborn County and Ripley County, Indiana.
This news release may contain forward-looking statements, which
can be identified by the use of words such as "believes,"
"expects," "anticipates," "estimates" or similar expressions. Such
forward-looking statements and all other statements that are not
historic facts are subject to risks and uncertainties which could
cause actual results to differ materially from those currently
anticipated due to a number of factors. These factors include, but
are not limited to, general economic conditions, changes in the
interest rate environment, legislative or regulatory changes that
may adversely affect our business, changes in accounting policies
and practices, changes in competition and demand for financial
services, adverse changes in the securities markets, changes in
deposit flows and changes in the quality or composition of the
Company's loan or investment portfolios. Additionally, other risks
and uncertainties may be described in the Company's annual report
on Form 10-K for the year ended June 30,
2016 filed with the SEC on September
27, 2016 which is available through the SEC's website at
www.sec.gov. Should one or more of these risks materialize, actual
results may vary from those anticipated, estimated or projected.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Except as may be required by applicable law or
regulation, the Company assumes no obligation to update any
forward-looking statements.
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SOURCE United Community Bancorp