FedFirst Financial Corporation Announces 10% Stock Repurchase Program and $0.25 Per Share Special Dividend
14 November 2012 - 1:57PM
Business Wire
FedFirst Financial Corporation (NASDAQ Capital: FFCO) today
announced that the Company’s board of directors has approved the
repurchase of up to 285,000 shares of the Company’s outstanding
common stock, which is approximately 10% of outstanding shares.
Purchases will be conducted solely through a Rule 10b5-1 repurchase
plan with Stifel, Nicolaus & Company, Incorporated. Purchases
will be based upon the parameters of the Rule 10b5-1 repurchase
plan.
The Rule 10b5-1 repurchase plan allows the Company to repurchase
its shares during periods when it would normally not be active in
the market due to its internal trading blackout period.
The Company also announced today that its Board of Directors has
declared a special cash dividend of $0.25 per share on its
outstanding common stock, payable on or about December 7, 2012 to
stockholders of record as of the close of business on November 26,
2012.
“Given the potential increase in tax rates on dividends
beginning next year, our high levels of capital, and the strong
results we have posted through the first nine months of the year,
our board of directors determined that it is an appropriate time to
provide this special dividend distribution to our shareholders,”
said Patrick G. O’Brien, President and CEO. “After payment of this
special dividend and completion of this share buyback program, our
capital ratios will continue to be very strong. We will have
sufficient capital to support organic balance sheet growth and
continue our stock repurchase activities and regular dividend
payments.”
FedFirst Financial Corporation is the parent company of First
Federal Savings Bank, a community-oriented financial institution
operating seven full-service branch locations in southwestern
Pennsylvania. First Federal offers a broad array of retail and
commercial lending and deposit services and provides commercial and
personal insurance services through Exchange Underwriters, Inc.,
its 80% owned subsidiary.
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