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News Breaks
January 24, 2014
16:16 EDTPBCPPolonia Bancorp announces share repurchase plan
Polonia Bancorp announced that its board approved the repurchase of up to 175,563 shares of the company’s outstanding common stock, which is approximately 5% of outstanding shares. Purchases will be conducted through a Rule 10b5-1 repurchase plan with Sandler O’Neill & Partners, L.P., which will become effective following release of the company’s report on earnings for the quarter and year ended December 31, 2013.
News For PBCP From The Last 14 Days
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November 19, 2014
16:21 EDTPBCPLawrence Seidman reports 5.46% stake in Polonia Bancorp, urges sale
On November 12, Seidman spoke with Paul Rutkowski, the interim CEO of the company. Seidman informed Rutkowski that based upon publicly available information, a sale of the company, subject to applicable regulatory restrictions, would be, in his opinion, the best way to maximize shareholder value. Seidman advised Rutkowski that, in his opinion, because a sale of the company would be the best way to maximize shareholder value, the Board of Directors, so long as there are no regulatory concerns, should retain Rutkowski as the interim CEO and not seek to hire a new individual to become CEO. Seidman stated that the Board and Rutkowski should devote their resources to satisfying the requirements of the agreement between the company and the Office of the Comptroller of the Currency dated October 21. In Seidman's view, the cost of a new CEO is an unnecessary expense given that a sale of the company is the best way to maximize shareholder value. If required, qualified third-party consultants should be retained by the company to assist the Board and management in satisfying the regulatory deficiencies outlined in the October 21 agreement with the OCC. On November 17, Seidman spoke with Robert J. Woltjen, the company's Chairman, and communicated to him the same position he had previously expressed to Rutkowski. Woltjen and Seidman agreed to keep the lines of communication open and to speak to each other as the need arises

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