11/20/2009 - SALEM COUNTY, NEW JERSEY - Harvest Community Bank (OTCBB:HCBP) announced today that its Board of Directors has unanimously approved an extension of the exercise period for the Bank’s currently outstanding common stock purchase warrants. The expiration date of the exercise period for such warrants has been extended from 5:00 P.M., Eastern Time, on December 31, 2009 to 5:00 P.M., Eastern Time, on December 31, 2010. All other terms of the warrants, including the exercise price, remain the same. There are currently 552,000 warrants outstanding, having an exercise price of $13.50 each.
Dennis Engle, President and CEO of the Bank, stated, “Due to current conditions in the financial markets and the United States economy in general, the Board of Directors of the Bank has determined that it would be in the best interests of the Bank and the holders of the Bank’s outstanding common stock purchase warrants to extend the expiration date for the warrants to December 31, 2010. This will give the warrant holders sufficient additional time to evaluate their investment in the Bank and to make a reasoned decision regarding the disposition of the Bank warrants that they hold.”
Harvest Community Bank is a community bank headquartered in Pennsville, New Jersey. The bank has additional branches in Woodstown, Elmer, and Salem City, New Jersey. The Bank began operations in January 2000 with the purpose of serving small businesses, professionals, and retail customers in Salem, Cumberland and Gloucester Counties, New Jersey. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to a maximum of $250,000 per depositor under current regulations.
FORWARD LOOKING STATEMENTS
Information in this release relating to Harvest Community Bank’s future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal andregulatory risks, such as continued levels of loan quality and origination volumes, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally; and (4) the risk that management’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “believe,” “will,” “intends,” “will be,” or “would.” More information about factors that potentially could affect Harvest Community Bank’s financial results is included in Harvest Community Bank’s filings with the FDIC, including its Annual Report on Form 10-KSB for the year ended December 31, 2008. Harvest Community Bank assumes no obligation to update the forward-looking information in this announcement.
