NEWS RELEASE
FEBRUARY 27, 2002
CONTACT: TONY W. 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 EXPANDS STOCK REPURCHASE PLAN
---------------------------------------------
Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK), the parent company
of Peoples Bank, announced today that its Board of Directors has authorized the
use of an additional $1 million for the repurchase of the Company's common
stock. On February 7, 2002, the Company announced that it had approved the use
of up to $2 million for stock repurchases.
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
Company's management, based on its evaluation of market conditions and other
factors, will determine the timing and amount of any repurchase of shares. The
repurchase program may be suspended at any time or from time to time without
prior notice.
Peoples Bank operates nine offices throughout Catawba County, one office in
Alexander County and two offices in Lincoln 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., 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, 2000,
under "Special Cautionary Notice Regarding Forward Looking Statements" and
otherwise in the Company's reports and filings.