[HIGH COUNTRY BANCORP, INC. LETTERHEAD]
PRESS RELEASE
HIGH COUNTRY BANCORP, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Salida, Colorado --- November 8, 2000; High Country Bancorp, Inc. (NASDAQ
Small Cap: HCBC) announced today that it is commencing a stock repurchase
program to acquire up to 107,123 shares of the company's common stock,
which represents approximately 10% of the outstanding common stock. The
program will be dependent upon market conditions and there is no guarantee
as to the exact number of shares to be repurchased by the Company, or as to
the timing of such repurchases.
Larry D. Smith, President of the Company, stated that the Board of
Directors has authorized the repurchase program, which is expected to be
completed within the next twelve months. Mr. Smith explained that the Board
of Directors considers the Company's common stock to be an attractive
investment. It is expected that a reduction in the amount of the Company's
outstanding stock would have the effect of increasing the Company's per
share earnings and book value. In addition, the repurchase program is
designed to offset the future dilution incurred in connection with the
Company's stock option plan.
According to Mr. Smith, the repurchase generally would be effected through
open market purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of repurchases.
