Montgomery Financial
Corporation
119 East Main Street - P.O. Box 776 - Crawfordsville, Indiana 47933
Phone (765) 362-4710
FOR MORE INFORMATION FOR IMMEDIATE RELEASE
CONTACT:
J. Lee Walden
President
(765) 362-4710
Date: November 29, 2000
MONTGOMERY FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
CRAWFORDSVILLE, INDIANA, November 29, 2000 - Montgomery Financial
Corporation (Nasdaq: MONT), the holding company for Montgomery Savings, A
Federal Association, announced today that commencing on December 5, 2000 it will
repurchase up to five percent (5%) of its outstanding shares of common stock in
the open market over the next twelve months. At September 30, 2000, the
Company's common stock outstanding amounted to 1,244,790 shares. The shares will
be purchased at prevailing market prices from time to time depending upon market
conditions.
J. Lee Walden, President and Chief Executive Officer of the Company,
indicated that the Board of Directors approved the repurchase program in view of
the current price level of the Company's common stock and the strong capital
position of Montgomery Savings. Mr. Walden stated that "we believe that the
repurchase of our shares represents an attractive investment opportunity which
will benefit the Company and its shareholders. The repurchased shares will be
returned to the status of authorized and unissued shares and may be used for
general corporate purposes, including the issuance of shares in connection with
the exercise of stock options."
Over the past three months, the shares traded between $8.875 and
$10.00.
Montgomery Financial serves Indiana's Montgomery, Fountain, Warren and
Tippecanoe counties through five retail offices. As of September 30, 2000, the
Company had assets of $140.7 million, deposits of $98.6 million and
stockholder's equity of $17.1 million.
-END-
