Kentucky First Federal Bancorp Announces Payment of Quarterly Dividend and Initiation of New Stock Repurchase Plan
16 Gennaio 2014 - 4:53PM
Kentucky First Federal Bancorp (Nasdaq:KFFB) the holding company
for First Federal Savings and Loan Association of Hazard, Kentucky
and First Federal Savings Bank of Frankfort, Kentucky announced
that the Company's Board of Directors declared a cash dividend of
$0.10 per share payable on February 20, 2014, to shareholders of
record on January 31, 2014. Tony Whitaker, Chairman of the Company,
stated that the Board of Directors determined that the payment of
the dividend was appropriate in light of the Company's capital
position and financial condition.
In addition, the Company announced that it has substantially
completed the repurchase program initiated on May 14, 2010, and
that the Board of Directors has authorized the purchase of up to
150,000 shares in a new stock repurchase program. Previously the
Company had been prohibited from buying back its own stock for a
period of twelve months pursuant to the issuance of its stock as
partial consideration in the purchase of CKF Bancorp, Inc. The
shares repurchased through the new program will be held as treasury
stock. Repurchases will be effected through open market purchases
or unsolicited privately negotiated transactions. The stock
repurchase program will be dependent on market conditions and there
is no guarantee as to the exact number of shares that the Company
will repurchase.
This press release may contain statements that are
forward-looking, as that term is defined by the Private Securities
Litigation Act of 1995 or the Securities and Exchange Commission in
its rules, regulations and releases. The Company intends that such
forward-looking statements be subject to the safe harbors created
thereby. All forward-looking statements are based on current
expectations regarding important risk factors including, but not
limited to, real estate values, the impact of interest rates on
financing, changes in general economic conditions, legislative and
regulatory changes that adversely affect the business of the
Company and the ability of First Federal MHC to waive dividends and
changes in the securities markets. Accordingly, actual results may
differ from those expressed in the forward-looking statements, and
the making of such statements should not be regarded as a
representation by the Company or any other person that results
expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First
Federal Savings and Loan Association, which operates one banking
office in Hazard, Kentucky and First Federal Savings Bank, which
operates six banking offices in Kentucky, including three in
Frankfort, two in Danville, and one in Lancaster. Kentucky First
Federal Bancorp shares are traded on the NASDAQ National Market
under the symbol KFFB. At December 31, 2013, the Company had
approximately 8,529,178 shares outstanding of which approximately
55.4% was held by First Federal MHC.
CONTACT: Kentucky First Federal Bancorp
Don Jennings, President
Clay Hulette, Vice President
(502) 223-1638
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