Georgetown Bancorp, Inc. Announces Stock Repurchase Program and Quarterly Cash Dividend

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Georgetown Bancorp, Inc. Announces Stock Repurchase Program and Quarterly Cash Dividend

GEORGETOWN, Mass.--(BUSINESS WIRE)-- Georgetown Bancorp, Inc. (NAS: GTWN) today announced that its Board of Directors has adopted a second stock repurchase program. Under the repurchase program, the Company may repurchase up to 93,765 shares of its common stock, or approximately 5.0% of the outstanding shares following the completion of the existing repurchase program.

The Company's Board of Directors also declared a regular quarterly cash dividend of $0.04 per share of common stock. The dividend will be paid on or about August 19, 2013, to stockholders of record as of the close of business on August 5, 2013.

Robert E. Balletto, President and Chief Executive Officer of the Company, stated that "we are pleased to announce our second stock repurchase program and the continued payment of cash dividends to our stockholders. Each of these actions represents our long-term commitment to enhancing stockholder value and we intend to continue paying a quarterly dividend in the future, assuming that our financial position continues to allow such payments."

Repurchases are expected to commence no sooner than July 31, 2013, which represents the termination of the Company's regular quarterly trading blackout period. The Company expects to publicly release its results of operations for the three and six months ended June 30, 2013 on or about July 26, 2013. This is consistent with the Company's trading policies.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

About Georgetown Bancorp, Inc.

Georgetown Bancorp, Inc. is the holding company for Georgetown Bank (the "Bank"). Georgetown Bank, with branch offices in Georgetown, North Andover and Rowley, Massachusetts, is committed to making a positive difference in the communities we serve. We strive to deliver exceptional personal service at all times and to help each of our customers achieve their unique financial goals through a competitive array of commercial and consumer banking services. To learn more about Georgetown Bank, visit or call 978-352-8600.

Forward-looking statements

This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as "expects," "subject," "believe," "will," "intends," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth, and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including the final Prospectus filed in connection with our second-step conversion and Current Reports on Form 8-K.

Georgetown Bancorp, Inc.
Joseph W. Kennedy, 978-352-8600
Senior Vice President/CFO

KEYWORDS:   United States  North America  Massachusetts


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