EXHIBIT (99)(a)
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Contact: Tony Wolfe
President and Chief Executive Officer
A. Joseph Lampron
Executive Vice President and Chief Financial Officer
828-464-5620, Fax 828-465-6780
For Immediate Release
PEOPLES BANCORP ANNOUNCES STOCK REPURCHASE PLAN
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK), the parent company of Peoples Bank, Newton, NC announced today that its Board of Directors has authorized a stock repurchase program, whereby up to $3 million will be allocated to repurchase the Company’s common stock. At September 30, 2004, the Company had assets of $695 million and stockholder’s equity of $51 million.
Any purchases under the Company’s repurchase program may be made, from time-to-time, in the open market or in privately negotiated transactions. The timing and amount of any repurchase of shares will be determined by the Company’s management, based on its evaluation of market conditions and other factors. The repurchase program may be suspended at any time or from time-to-time without prior notice.
“The Board decision to repurchase stock reflects management’s confidence in our Company’s future prospects.” We believe this is an attractive opportunity to enhance shareholder value,” said Tony Wolfe, President and Chief Executive Officer.
Peoples Bank operates eleven offices throughout Catawba County, one office in Alexander County, three offices in Lincoln County, and one office in Mecklenburg County. The Company’s common stock is publicly traded over the counter and is quoted on the Nasdaq National Market under the symbol “PEBK.” Scott and Stringfellow, Inc., Ryan, Beck & Co., Sterne Agee & Leach, Inc. and Trident Securities, Inc. are market makers for the Company’s shares.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements are based on information currently available to management and are subject to various risks and uncertainties, including but not limited to those described in Peoples Bancorp of North Carolina, Inc.’s annual report on Form 10-K for the year ended December 31, 2003, under “General Description of Business” and otherwise in the Company’s reports and filings.
