Reduce liability for losses on commercial accounts by adhering to four requirements.
Cheviot Financial Authorizes the Repurchase of 10% of Outstanding Common Stock
Jan 17 - The board of directors of Cheviot (Ohio) Financial Corp. (Nasdaq:CHEV) has authorized on the repurchase of as many as 759,654 shares, or approximately 10 percent, of the company's outstanding common stock. The stock repurchase program will not be effective until Jan. 21, 2013, which is after the one-year anniversary of the company's second-step conversion. The repurchases may be carried out through open market purchases, block trades and in negotiated private transactions. In addition, the company may enter into an agreement to have its shares repurchased pursuant to rule 10b-5-1 of the Securities Exchange Act of 1934. The common stock may be repurchased on an ongoing basis and will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the company's financial performance.
Cheviot Financial Corp. completed its second-step conversion and related public stock offering on Jan. 18, 2012. Cheviot Savings Bank is now 100 percent owned by the company and the company is 100 percent owned by public stockholders. The company sold a total of 4,675,000 shares of common stock in a subscription, community and syndicated community offerings, including 187,000 shares to the company's employee stock ownership plan. All shares were sold at a purchase price of $8 per share. Cheviot Savings Bank operates through its 12 full-service banking offices located in Hamilton County, Ohio.