McArthur, Chief Executive Officer of the Company, stated that, "Under our most recent stock repurchase program
, which was commenced in January, 2002, and which concluded earlier this month, the Company repurchased 81,700 shares of its Common Stock, at the average purchase price of approximately $11.
The stock repurchase program
is designed to increase economic value for shareholders and to offset share issuances under the Company's employee compensation plans.
Under the new stock repurchase program
, the Company may purchase through December 31, 2007, as market conditions warrant and from time to time on the open market, up to $25 million of its Class A Common Stock or, based on a closing price of $25.
Doherty, President of the Company, previously stated that the Board of Directors has authorized the third stock repurchase program
because the Board of Directors considers the Company's common stock to be an attractive investment.
The Company expects to implement the third program following the completion of its second stock repurchase program
adopted in October 1999, pursuant to which the Company announced it would repurchase up to 93,583 shares over a twelve-month period.
NYSE: CA) announced today that it has amended the terms of its Common Stock Repurchase Program
to allow share repurchases in privately negotiated transactions in addition to repurchases in open market transactions.
OTC:MCBF), parent company of Metro Commerce Bank ("Metro"), said Friday it has substantially completed its additional stock repurchase program
originally announced in October 1998.
The corporation has completed ten similar stock repurchase programs
since converting to stock form on March 18, 1993.
Specifically, under SAB 96 there are circumstances where companies that have ongoing stock repurchase programs
do not have the flexibility to employ the pooling-of-interest accounting method when making acquisitions.
Despite the OTS's refusal to consider the Company's waiver request, the Company remains committed to stock repurchase programs
as a viable and valuable means of enhancing shareholder value.
First Federal Financial Corporation of Kentucky (NASDAQ: FFKY) announced today that it is commencing another stock repurchase program
to acquire up to 5% of the corporation's currently outstanding shares of common stock.