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EXHIBIT 99.1
FOR IMMEDIATE RELEASE For More Information Contact:
Mark Roberts
Vice President Finance
(413) 568-9141
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WORONOCO BANCORP, INC. COMPLETES THIRD REPURCHASE PLAN
AND ANNOUNCES PLANS FOR ADDITIONAL REPURCHASE
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WESTFIELD, MA--September 18, 2000--Woronoco Bancorp, Inc. (the "Company")
(AMEX:WRO), the holding company for Woronoco Savings Bank (the "Bank"),
announced today the completion of its third repurchase plan. The Company
repurchased 512,897 shares, or 10%, of its outstanding common stock at an
average price of $10.91. The Company also announced its intention to repurchase
up to an additional 10% of its 4,616,071 outstanding shares of common stock. The
repurchase will be made in open-market transactions, subject to the availability
of stock.
"We are pleased with the results of our previous share repurchase plans and
continue to believe that the repurchase of WRO shares is an attractive use of
the Company's capital and will enhance shareholder value," commented Cornelius
D. Mahoney, Chairman, President and CEO.
Woronoco Bancorp, Inc. is a publicly owned savings and loan holding company and
the parent corporation of Woronoco Savings Bank, headquartered at 31 Court
Street, Westfield, MA 01085. The Bank provides a wide variety of financial
products and services through its 11 branch offices located throughout Hampden
and Hampshire Counties in Western Massachusetts. The Bank's deposits are insured
by the Federal Deposit Insurance Corporation and the Depositors Insurance Fund.
For more information regarding the Bank's products and services, and for
Woronoco Bancorp, Inc. investor relations information, please visit our web site
at www.woronoco.com.
Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.
