EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

FOR IMMEDIATE RELEASE

         
For:
  Evans Bancorp, Inc.
14-16 North Main Street

Angola, New York 14006
  Contact: Mark DeBacker, Treasurer
Phone: (716) 926-2000
Fax: (716) 926-2005

EVANS BANCORP ANNOUNCES SEMI-ANNUAL CASH
DIVIDEND OF $0.35 PER SHARE AND COMMON STOCK
REPURCHASE PROGRAM

Angola, N.Y.-August 18, 2005 - Evans Bancorp, Inc. (Nasdaq: EVBN) announced that its Board of Directors has declared a semi-annual cash dividend of $0.35 per share on its outstanding common stock. The dividend is payable on October 3, 2005 to shareholders of record as of September 9, 2005. This payout is a 6.1% increase over the $0.33 per share dividend paid in April 2005.

Additionally, Evans Bancorp’s Board of Directors has authorized, effective immediately, a new common stock repurchase program pursuant to which the Company may repurchase up to 75,000 shares of the Company’s common stock over the next two years, unless the program is earlier terminated. This program supersedes and replaces the Company’s stock repurchase program approved by the Company’s Board of Directors on October 21, 2003, pursuant to which a maximum of 50,000 shares of common stock were authorized for repurchase. The Company has repurchased an aggregate of 43,300 shares at an average price of $ 24.37 per share under the program, which was terminated in connection with the Company’s new common stock repurchase program announced today.

Stock repurchases under the Company’s new repurchase program will be made through open market or privately negotiated transactions. The Company has no obligation to repurchase any shares of its common stock under the repurchase program, and the timing, actual number and value of shares of Company common stock to be repurchased will depend on the Company’s stock price, market conditions, business conditions, applicable legal and regulatory requirements and other factors. As of August 18, 2005, the Company had approximately 2.6 million shares of common stock outstanding.

Evans Bancorp, Inc. is a financial holding company and is the parent company of Evans National Bank, a commercial bank with 10 branches located in Western New York, which had approximately $462.5 million in assets and approximately $362.0 million in deposits at June 30, 2005. Evans National Bank’s wholly-owned subsidiaries include Evans National Leasing, Inc., a general business equipment leasing company, and ENB Associates Inc., which provides non-deposit investment products. ENB Insurance Agency, Inc., a retail property and casualty insurance agency with 12 offices in Erie, Niagara, Cattaraugus and Chautauqua counties of Western New York, is an indirect, wholly-owned subsidiary of Evans Bancorp Inc. Evans Bancorp, Inc. common stock is listed on the Nasdaq National Market under the symbol EVBN.

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenues and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include, among others, the following: (1) competitive pressures among financial services companies; (2) general economic conditions; (3) changes in legislation or regulatory requirements; (4) difficulties in achieving operating efficiencies; and (5) difficulties in integrating acquired companies’ businesses. Additional information on factors that could affect the Company’s business and results is discussed in the Company’s periodic reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.