BEO BANCORP DECLARES TWO FOR ONE STOCK SPLIT
E. George Koffler, President & CEO, (541) 676-0201
Mark Lemmon, EVP & CFO, (541) 676-0201
Heppner, Oregon, (August 1, 2007) - BEO Bancorp today announced that its Board of Directors declared a two for one stock split in the form of a 100% stock dividend. The shares will be distributed on August 20, 2007, to shareholders of record as of August 19, 2007. Shareholders will receive one additional share of common stock for every share currently owned. BEO Bancorp has 440,329 shares outstanding and will have 880,658 shares outstanding after the stock split.
"We are intent on building shareholder value. This move will seek to improve the liquidity of the stock and increase our franchise value," said E. George Koffler, President and CEO of BEO Bancorp and its subsidiary, Bank of Eastern Oregon. "We continue to post good results and are pleased to share our good fortune with the loyal group of shareholders we have," said Koffler.
Late in July, BEO Bancorp reported net income increased 73% year over year for the first half of 2007 to $1,039,000 and earning per share improved for the same period from $.81 per share to $1.32 per share. The loan portfolio grew 9.9% year over year and total assets grew 7.3% to $196,252,000.
For further information on the Company or to access Internet banking, please visit our website at http://www.beobank.com.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 11 branches and three loan production offices in nine eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil and Moro; loan production offices are located in Hermiston, Ontario, and Enterprise. Bank of Eastern Oregon also operates a mortgage division and offers brokerage services through BEO Financial Services. Bank of Eastern Oregon's website is www.beobank.com.
The statements contained in this release that are not historical facts are forward-looking statements based upon management's current expectations and beliefs concerning future developments and their potential effect on BEO Bancorp. There can be no assurances that future developments affecting BEO Bancorp will be the same as those anticipated by management.
Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These risks and uncertainties include, but are not limited to:
(1) competitive pressures in the banking and financial industries;
(2) changes in interest rate environment;
(3) general economic conditions, nationally, regionally, and in operating markets;
(4) changes in regulatory environment;
(5) changes in business conditions and inflation;
(6) changes in securities markets; and
(7) future credit loss experience.