EAST TEXAS FINANCIAL SERVICES, INC.
1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910 o 903-593-1767
o Fax 903-593-1094
NEWS RELEASE
For verification, contact: Gerald W. Free, Vice Chairman/President/CEO
Derrell W. Chapman, Vice President/COO/CFO
Telephone: (903) 593-1767
Fax: (903) 593-1094
For immediate release, July 30, 1998
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EAST TEXAS FINANCIAL SERVICES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Tyler, Texas, July 30, 1998, - - - East Texas Financial Services, Inc. (NASDAQ:
ETFS), the holding company for First Federal Savings and Loan Association of
Tyler, Texas, today announced its intention to repurchase 5% or approximately
76,973 of its outstanding shares in the open market over the next twelve months.
The shares will be purchased at prevailing market prices from time to time
depending upon market conditions.
Gerald W. Free, President of the Company, indicated that the Board of Directors
approved the repurchase program in view of the current level of the Company's
common stock and the strong capital position of the Company's subsidiary, First
Federal Savings and Loan Association of Tyler. Mr. Free stated that "we believe
that the repurchase of our shares represents an attractive investment
opportunity which will benefit the Company and our stockholders. The repurchased
shares will become treasury shares and will be used for general corporate
purposes, including the issuance of shares in connection with the exercise of
stock options."
Over the past few months, shares of Company stock have traded between $13.75 and
$16.50 per share. At June 30, 1998, the Company had $122.6 million in assets,
stockholders' equity of $21.2 million, and 1,539,461 shares outstanding.
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