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, 2013 to 5:00 P.M., Eastern Time, on December 31, 2014. 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 the continued difficult conditions facing 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, 2014. This will give the Bank’s warrant holders 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.