EXHIBIT 99.1
PRESS RELEASE
Monadnock Bancorp, Inc. 603.924.9654
1 Jaffrey Road www.monadnockbank.com
Peterborough, NH 03458
FOR IMMEDIATE RELEASE
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For Additional Information Contact:
Karl F. Betz, SVP, CFO & Treasurer (603) 924-9654
kbetz@monadnockbank.com
Monadnock Bancorp, Inc. Announces Stock Repurchase Program
Peterborough, New Hampshire - February 14, 2008 - Monadnock Bancorp, Inc.
(over-the-counter bulletin board: MNKB), the holding company for Monadnock
Community Bank announced today that its Board of Directors authorized its third
stock repurchase program pursuant to which Monadnock Bancorp, Inc. intends to
repurchase up to 65,000 shares, or 5.29% of its outstanding common stock. These
shares will be purchased at prevailing market prices from time to time over a
twelve-month period depending upon market conditions. Any repurchased shares
will be held as treasury stock and will be available for general corporate
purposes. Monadnock Bancorp, Inc. completed its second stock repurchase program
in October 2007, having purchased 64,650 shares at an average price of
approximately $6.68.
This news release contains certain forward-looking statements about the
proposed stock repurchase program. Forward-looking statements can be identified
by the fact that they do not relate strictly to historical or current facts.
They often include words like "believe," "expect," "anticipate," "estimate,"
and "intend" or future or conditional verbs such as "will," "would," "should,"
"could," or "may". Certain factors that could cause actual results to differ
materially from expected results include delays in completing the proposed
repurchase program, changes in the interest rate environment, changes in the
market price of Monadnock Bancorp, Inc. common stock, changes in the general
economic conditions, legislative and regulatory changes that adversely affect
the business of Monadnock Bancorp, Inc. and changes in the securities markets.