E*TRADE Financial Corporation Announces $800 Million Share Repurchase Authorization
November 19 2015 - 08:05AM
Business Wire
E*TRADE Financial Corporation (NASDAQ:ETFC) today announced that
its Board of Directors authorized the Company to repurchase up to
$800 million of its common stock. The authorization is effective
immediately and extends through March 31, 2017.
“Today’s announcement brings our fourth major capital deployment
action in 2015, after having reduced and refinanced corporate debt,
terminated wholesale funding obligations, and begun the process of
growing our balance sheet to our targeted size of approximately $50
billion,” said Paul Idzik, Chief Executive Officer. “It also marks
the first time in more than eight years that the Company has
returned capital to shareholders through a repurchase program – a
natural next step to continue driving value for our owners, while
providing us with the flexibility to evaluate further
opportunities, should they arise.”
The repurchases may take place over the duration of the program
at prices the Company deems appropriate, and are subject to market
conditions. The repurchases may be effected in the open market, in
privately negotiated transactions, may utilize Rule 10b5-1
programs, and may be suspended or terminated at any time.
About E*TRADE Financial
E*TRADE Financial and its subsidiaries provide financial
services including online brokerage and related banking products
and services to retail investors. Specific business segments
include Trading and Investing and Balance Sheet Management.
Securities products and services are offered by E*TRADE Securities
LLC (Member FINRA/SIPC). Bank products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its
subsidiaries. More information is available at www.etrade.com.
Important Notices
E*TRADE Financial, E*TRADE, and the E*TRADE logo are trademarks
or registered trademarks of E*TRADE Financial Corporation.
ETFC-G
Forward-Looking Statements
The statements contained in this news release that are forward
looking, including statements regarding the Company's ability to
continue driving value for its owners, and continue growing its
balance sheet are “forward-looking statements” within the meaning
of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995, and are subject to a number of
uncertainties and risks. Actual results may differ materially from
those indicated in the forward-looking statements. The
uncertainties and risks include, but are not limited to, macro
trends of the economy in general and the potential negative
regulatory consequences resulting from the implementation of
financial regulatory reform as well as from actions by or more
restrictive policies or interpretations of the Federal Reserve and
the Office of the Comptroller of the Currency or other regulators.
Further information about these risks and uncertainties can be
found in the annual, quarterly, and current reports on Form 10-K,
Form 10-Q, and Form 8-K previously filed by E*TRADE Financial
Corporation with the Securities and Exchange Commission (including
information in these reports under the caption “Risk Factors”). Any
forward-looking statement included in this release speaks only as
of the date of this communication; the Company disclaims any
obligation to update any information.
© 2015 E*TRADE Financial Corporation. All rights reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20151119005191/en/
E*TRADE Media
RelationsThayer Fox,
646-521-4418thayer.fox@etrade.comorE*TRADE
Investor RelationsBrett Goodman,
646-521-4406brett.goodman@etrade.com
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