Kaiser Federal Financial Group, Inc. Announces Completion of Stock Repurchase Program and Authorizes Second Stock Repurchase ...
April 26 2012 - 4:15PM
Kaiser Federal Financial Group, Inc. (the "Company") (Nasdaq:KFFG),
the holding company for Kaiser Federal Bank (the "Bank"), announced
completion of the repurchase of 5% of its outstanding shares of
common stock, or 480,257 shares. The first repurchase program was
announced on November 30, 2011. The shares were repurchased at
prices between $12.00 and $13.94 per share with an average price of
$13.51 per share. Upon completion of the aforementioned stock
repurchase program the Board of Directors authorized the second
stock repurchase program pursuant to which the Company intends to
repurchase up to 5% of its issued and outstanding shares, or up to
approximately 456,378 shares. The timing of the repurchases
will depend on certain factors, including but not limited to,
market conditions and prices, the Company's liquidity requirements
and alternative uses of capital. The stock repurchase program
may be carried out through open-market purchases, block trades,
negotiated private transactions and pursuant to a trading plan that
may be adopted in accordance with Rule 10b5-1 of the SEC's
rules. Any repurchased shares will be available for general
corporate purposes, including the funding of the Company's equity
incentive plan.
Kaiser Federal Financial Group, Inc. is the parent corporation
for Kaiser Federal Bank, a federally chartered savings bank
headquartered in Covina, California. The Bank operates three
full service branches and six financial service centers in
California, as well as a statewide network of 58 ATMs.
Kaiser Federal Financial Group, Inc. stock trades on NASDAQ
under the KFFG symbol. For additional information, visit
www.kffg.com or www.kaiserfederal.com.
Except for the historical information contained in this press
release, the matters discussed may be deemed to be forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve risks and
uncertainties. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate" and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that could
cause actual results to differ materially from expected results
include increased competitive pressures; changes in the interest
rate environment; demand for loans in Kaiser Federal Bank's market
area; adverse changes in general economic conditions, either
nationally or in Kaiser Federal Bank's market areas; adverse
changes within the securities markets; legislative and regulatory
changes that could adversely affect the business in which the
Company and its subsidiary are engaged; the future earnings and
capital levels of Kaiser Federal Bank, which would affect the
ability of the Company to pay dividends in accordance with its
dividend policies; and other risks detailed from time to time in
the Company's Securities and Exchange Commission
filings. Actual strategies and results in future periods
may differ materially from those currently expected. We
caution readers not to place undue reliance on forward-looking
statements. The Company disclaims any obligation to revise or
update any forward-looking statements contained in this release to
reflect future events or developments.
CONTACT: Dustin Luton, President and Chief Executive Officer
Jean M. Carandang, Chief Financial Officer
(626) 339-9663 x1207
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