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December 27, 2012
17:17 EDTUBNKUnited Financial ends ESOP, sees adding 3c to FY13 EPS
On December 20 the board of directors of United Bank, a wholly-owned subsidiary of United Financial Bancorp, voted to terminate the bank’s Employee Stock Ownership Plan, or ESOP, effective December 31. Prior to the termination of the ESOP, the bank made 2012 loan payments totaling $1M, which resulted in the release of approximately 72,000 shares from the ESOP suspense account. These shares are expected to be allocated to participants during 1Q13. The termination of the ESOP will be accretive to earnings for each of the years in the twelve- and fifteen-year periods remaining on the remaining ESOP loan terms. The transaction will result in an after tax charge of approximately $2.4M, $4.1M pretax, or 12c per diluted share in the quarter ending December 31, in connection with the termination of the ESOP. For 2013, the ESOP termination will result in an increase of approximately 3c in diluted EPS.
News For UBNK From The Last 14 Days
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October 22, 2014
16:19 EDTUBNKUnited Financial reports Q3 EPS 20c, consensus 21c
The provision for loan losses increased by $553,000 to $2.6M. Tangible book value per share increased to $10.02 at September 30, from $9.99 at June 30.
October 16, 2014
16:22 EDTUBNKUnited Financial announces 2.6M share repurchase program
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